QuadReal Property Group, a global real estate investment, development and operating company, has acquired an eight-asset, 3,460 bed purpose-built student accommodation (PBSA) portfolio from Apollo-managed funds and entities.
The portfolio is comprised of assets located in key PBSA markets across the UK, including London, with 75 per cent of the portfolio situated within proximity of prestigious Russell Group universities.
All the buildings were developed within the last five to seven years to a high specification, and are well amenitised with gyms, co-working spaces, audio-visual rooms, common areas, and event spaces.
The asset manager for this portfolio of PBSA is OPRE Solutions.
Jay Kwan, managing director, Europe, at QuadReal said: “Across our global portfolio, we are highly selective about the assets we acquire, and target markets with strong fundamentals and significant demand drivers.
“With resilient demand, structural undersupply, and a large cohort of international students, we have been actively looking to grow our PBSA exposure in the UK and this is an opportunity to expand our student housing platform.”
Kristian Branum-Burns, senior vice president, Europe, international real rstate, at QuadReal said: “This transaction is fully aligned with our fundamentals-driven residential strategy in Europe, and student accommodation is a crucial sector for us.
“These are high quality, amenity-rich assets servicing in-demand universities across the country, and the portfolio is well placed to deliver sustained rental growth over the coming years.”
