Greystar Real Estate Partners is investing £388m (€451.6m) in the UK to buy four purpose-built student accommodation (PBSA) buildings and a build-to-rent (BTR) asset.

The global rental housing manager said it has agreed to buy the assets from Downing on behalf of a managed fund.

The four PBSA assets comprise a total of 1,807 beds in the leading university cities of London, Manchester and Coventry, Greystar said, adding that the BTR asset is also located in Coventry and comprises 100 homes.

Greystar said the two London assets in Lambeth and North Acton will be added to the Chapter portfolio, the assets in Manchester and Coventry will operate under Canvas a new pan-European student and young professional accommodation brand.

Greystar said it plans to deliver additional value through the implementation of its “vertically integrated platform to drive leasing, make asset improvements and implement other capital projects, such as the creation of new amenities”.

Ben Mowbray, a senior director – UK Investment at Greystar, said: “Our growth strategy in the UK is underpinned by strong, long-term market fundamentals. With the expectation that the UK’s 18-year-old population is set to grow by 2.1% per annum until 2030, Greystar is well-positioned to capitalise on increasing demand for high-quality student accommodation.

“Meanwhile, we will be introducing young professional housing to our portfolio in the UK for the first time, which has been very successful in our other European markets.”

George Downing, founder of Downing, said: “We invested heavily to develop these sites to the highest possible standard and are extremely proud of what we have achieved. 

”All assets currently have strong occupancy and boast high-quality amenities including gyms, cinema rooms and terraces.”

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