A UK student housing investment partnership between Bricks Group and Tristan Capital Partners-managed core-plus fund, CCP 5 Fund has acquired a new asset in Salford for £68m (€78.8m).
The partnership, established in 2021, has added the 14-storey 457-bed purpose-built student accommodation (PBSA) asset to its portfolio.
The latest asset takes the partnership’s assets to 2,571 student beds across five assets in the major student hubs of Liverpool, Glasgow, Birmingham, and Salford. The venture is focused on investing in both operating assets and de-risked developments across the UK with an objective to create a £750m-plus platform in the short to medium term.
Pete Prickett, founder and CEO of Bricks Group, said: “Salford has one of the fastest growing student populations in the country and demand for high-quality PBSA in the area is sky high.
“Months ahead of completion, this great asset had already reached 100% occupancy, which is testament to this high demand but also the growing popularity of our true student properties and the unique experience they offer our student guests.”
Kristian Smyth, managing director at Tristan Capital Partners, said: “UK PBSA continues to be one of our high-conviction investment themes and we are delighted to add this high-quality asset to our existing platform.
“Our stated ambition is to grow this platform to £750m+ and we are actively pursuing new opportunities that will help us achieve this objective.”
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