Partners Group has teamed up with Aboria Capital to acquire a five-asset, purpose-built student accommodation portfolio from HSBC Asset Management for around £165m (€192m).
The acquisition was made by a joint venture between Partners Group, the Downing family office, Aboria Capital, and a UK single family office.
The transaction marks Aboria’s first acquisition since the platform was launched in partnership with the Downing family office. The Downing Group is one of the UK’s largest privately owned property businesses and an early pioneer in the PBSA sector.
The portfolio provides exposure to some of the UK’s most resilient and demand-driven student markets and is largely concentrated across Russell Group institutions. The portfolio is already 98.2% let for the 2026/27 academic year, demonstrating strong demand across the five assets, the joint venture said.
The assets include The Arch, Liverpool (241 beds); The Electra, Liverpool (90 beds); The View, Newcastle (444 beds); The Lyra, London Acton (209 beds); and The Railyard, Cambridge (586 beds).
Partners Group invested through its real estate secondaries strategy, which focuses on investing in quality income-producing assets through GP-led secondaries, LP-led secondaries, and other liquidity solutions. Partners Group is currently raising its fifth real estate secondaries programme, targeting $1.5bn (€1.3bbn).
Aboria’s vertically integrated model combines investment management expertise with the Downing Group’s established refurbishment and operational capabilities, providing oversight across the full investment lifecycle from acquisition and asset management through to day-to-day operations.
Aboria said the acquisition reflects its strategy of investing in structurally undersupplied markets anchored by leading UK universities, where strong student demand and constrained supply support resilient long-term performance.
Henrik Orrbeck, global co-head real estate, Partners Group, said: “We have strong conviction in this portfolio, with each of the assets strategically located across the UK’s leading university cities. We have a track record in the student accommodation space and continue to see strong relative value in the UK market, reflecting the country’s leading university offering and structural shortage of high-quality accommodation stock.
“We are pleased to close this latest investment in our real estate secondaries strategy, which adds to recent transactions across the industrials and logistics sectors globally.”
Jessica Hardman, CEO of Aboria Capital, said: “This is an exceptional portfolio of scale and quality, made even more compelling by the depth of knowledge we already have of the assets. Our vertically integrated model means we are close to every asset from day one, aligning investment strategy with day-to-day operations. That allows us to protect and grow income, sustain occupancy and identify opportunities to create value throughout the investment lifecycle.
“The strength of investors backing Aboria for this acquisition reflects the enduring appeal of UK student housing to global institutional and private wealth capital. The UK combines a world-leading university sector with resilient student demand and a persistent shortage of high-quality accommodation, creating compelling long-term fundamentals. We look forward to investing in these assets and enhancing the experience for the students who call them home.”
Tim Williams, head of real estate investment at HSBC Asset Management, said: “We are pleased to complete this transaction following an extended hold period. Having acquired many of the assets through funding and development, the sale delivers a positive return of capital to our investors.
“Throughout our ownership, the portfolio has consistently achieved strong occupancy levels, reflecting the quality of the locations, the strength of our university partnerships, and the expertise of the management team.”
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