Savills Investment Management is acquiring three UK student housing properties worth around £300m (€3545m) from urban regeneration specialist Vita Group.
The 1,340-bed transaction, which represents one of the largest UK purpose-built student accommodation (PBSA) deals this year, involves the Cannon Park asset in Warwick, the Iona Street property in Edinburgh and the Bruce Street asset in Belfast.
Adrian Martin, director at Savills Investment Management, said the acquisition “underscores our conviction for the long-term resilience” of the PBSA sector in the UK.
Martin added: “The acquired assets are examples of best-in-class buildings, and Vita is an operator with a compelling reputation.”
Ioannis Verdelis, CIO of Vita Group, said: “We’re delighted to sign this deal with Savills Investment Management. The UK’s PBSA market continues to be an exciting and resilient asset class for investors, as demand from students for high-quality PBSA continues to outstrip supply, creating an attractive proposition for any investor.”
Vita Student will continue to operate the assets on behalf of Savills Investment Management.
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