Global Student Accommodation (GSA) and Harrison Street have bought two purpose-built student accommodation (PBSA) assets in Bristol, UK.
The joint venture partners have paid an undisclosed amount to buy the Print Hall and Unity Street residences from a UK Pension Fund, with HSBC providing bank debt for the acquisition.
Print Hall and Unity Street are adjacent student residences with a combined 500 beds. Print Hall opened in 2017, and Unity Street opened in 2019. The properties will be operated by GSA.
James Hunt, MD, real estate, of GSA, said: “This transaction expands GSA’s footprint in Bristol to support the city’s strong and growing student market.
“We are now home to over 800 of the University of Bristol’s students, and I am delighted to strengthen our existing ties with the University, one of the UK’s leading academic institutions.”
Rob Mathias, partner and head of international business for Harrison Street, said: “This transaction is consistent with Harrison Street’s approach of investing in high-quality PBSA assets in strong European markets. Bristol is a great university townhome to more than 46,000 students, with an additional 3,500 expected in 2023 following the University of Bristol’s planned expansion.”
GSA and Harrison Street began their partnership in December 2015 and have since acquired 27 properties accounting for over 8,600 beds across the UK, Ireland and Spain.
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