A UK student housing investment venture between Ares Management Corporation and Generation Partners has acquired two student accommodation schemes from Moorfield Group.
The joint venture between a fund managed by the Ares Real Estate and Generation has bought Hox Park located in Egham and Toybox located in Birmingham to add to their Here! Student Living portfolio.
Moorfield said it sold the assets, totalling 789 beds, on behalf of its Moorfield Real Estate Fund III and Moorfield Real Estate Fund IV funds, without disclosing financial details.
Ross Netherway, the head of origination at Moorfield Group, said these disposals conclude two investments on behalf of the funds, “enabling us to crystalise attractive returns on behalf of our investors, as we focus on deploying the capital raised for our latest value-add strategy”.
Wilson Lamont, partner and co-head of European real estate equity in the Ares Real Estate, said: “Student accommodation is a key growth sector for Ares. We believe that these two assets offer strong entry points into two attractive university markets and that they fit in well within our strategy.”
Alan Artus, CEO of Generation Partners, said: “We are excited to add the Hox Park and Toybox assets to the growing Ares Generation portfolio. Both buildings are highly specified and are serving undersupplied markets where we anticipate student demand will continue to grow.”
Ares and Generation’s Here! Student Living portfolio already holds six 6 assets in Cardiff, Exeter, Glasgow, Dublin, and Galway. Ares and Generation are engaged in more acquisitions including a development site in Leeds expected to be completed in Summer 2023.
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