Investment firm KKR and its European living-sector real estate platform Inhabeo have acquired a £230m (€265.4m) UK student housing portfolio from a fund that is backed by clients of CBRE Investment Management.
The 2,179-bed portfolio, comprising seven purpose-built student accommodation (PBSA) assets, was acquired from Curlew Student Trust II, which developed the assets between 2020 and 2022.
KKR said it is investing through its European core-plus real estate strategy and other managed funds and accounts.
KKR Real Estate’s living sector platform Inhabeo will act as the asset manager for the portfolio.
Seb d’Avanzo, head of real estate acquisitions for KKR in Europe, said: “We are pleased to add a UK PBSA portfolio of rare scale and calibre to our portfolio, underscoring our conviction in high-quality living spaces within our Core+ strategy in Europe. Curlew have strategically developed a collection of assets with differentiated positioning in their local markets.
“We believe our continued investment in these properties will position them to benefit from strong enrolment in British universities and favourable tailwinds through outsized demand for modern accommodation experiences in great locations.”
Ross Netherway, CEO of Inhabeo, said: “This transaction marks another notable milestone for our European living sector platform with KKR, which now exceeds £800m.
“We intend to continue to grow our diversified portfolio of residential investments in strategically chosen assets, subsectors, and geographies.”
To read the latest IPE Real Assets magazine click here.
