A core-plus real estate fund managed by Tristan Capital Partners has partnered with property company Bricks Group to launch a joint venture with a £400m (€465.6m) purpose-built student accommodation ( PBSA) portfolio.
Tristan Capital’s Curzon Property Partners Long-Life (CCP 5 LL) fund and Bricks said the new partnership has acquired the six assets comprising 2,753 beds located across the cities of Birmingham, Glasgow, Leicester, Swansea, and Salford in Manchester.
The companies said the joint venture is actively assessing further opportunities in the sector with an “ambition to grow the portfolio to £750m over the next five years”.
Kristian Smyth, executive director at Tristan Capital Partners, said: “We share an ambition to scale up our JV in the short term through a combination of acquisition of operating assets and de-risked development of new schemes across the UK.
”Through our Core Plus CCP 5 LL Fund, we are well-positioned to execute in this attractive growth sector as we look to grow the platform to £750m in the coming years.”
Peter Prickett, founder and CEO at Bricks Group, said: “With our aligned culture and brand focus, there are super exciting times ahead for the joint venture. Together we’ll make a powerful and positive impact on the student experience with a continued focus on the evolving PBSA sector.”
To read the latest edition of the latest IPE Real Assets magazine click here.
