BlackRock Real Estate has bought a development site in the UK university city of Sheffield to build student accommodation.
BlackRock Real Estate has bought a development site in the UK university city of Sheffield to build student accommodation.
The site, close to Sheffield Hallam University, comes with planning permission for a 535-bed student residence, which is expected to be completed by the summer of 2018.
The purchase price was not disclosed.
BlackRock said the deal was part of a larger portfolio aggregation strategy in student housing.
Portfolio manager Thomas Mueller said: ‘This acquisition fits with our UK strategy to invest in shorter duration business plans with defensive features. Student housing is somewhat counter-cyclical and we are looking to be more active in this space.’
