A private real estate fund held by Canadian investor Brookfield has acquired a purpose-built student accommodation (PBSA) asset in the UK for £34 mln (€40 mln).
Renslade House in the university city of Exeter was sold by Knight Frank on behalf of Uavend, a property development and investment company.
The property comprises 268 bedrooms plus onsite amenities including a cinema room, a gym, study rooms, a games area, an on-site laundry, a TV area, and a resident’s lounge.
Michael Fuller, managing director and head of Brookfield’s European core-plus program added: 'Renslade House marks the fourth student housing property acquired as part of our core plus strategy and is exemplary of our focus on high-quality accommodation in Russell Group cities with superior amenity offerings.
'The strong pre-leasing activity for the 2022/2023 academic year underscores the sector’s resilient fundamentals and we are pleased to expand our portfolio in this space.'
Renslade House is less than 1.5 miles from both the University of Exeter and Exeter College. The development is also just a short distance from Exeter Quayside, Exeter Cathedral, and the city centre, with comprehensive public transport links from the property.
Luke Shackleton, an associate in the student property team at Knight Frank commented: 'Renslade House is a best-in-class PBSA scheme with exceptional amenity provision.
'This latest deal further demonstrates the continuing appeal of the sector to investors. Knight Frank is delighted to have brokered the deal on behalf of our client Uavend.'
The development, a conversion of a standing property, was completed for the start of the 2019/20 academic year. Renslade House is fully let for the 2021/2022 academic year and has already achieved close to full occupancy for 2022/2023.
