Carlyle JV completes first student apartments in London

Global alternative asset manager The Carlyle Group and Generation Estates have completed their first private student residential hall under their London-focused brand Pure Student Living. The 400-bed Pure Highbury property is located in Finsbury Park, North London.

Pure Highbury will be open to students for the 2012/13 academic year. The complex is located close to Finsbury Park underground station and within 20 minutes' journey time of 18 London universities. Pure Student Living offers students the choice of either study-bed or studio type ensuite rooms at rates between £215 (EUR 273) and £255 per week. Facilities include internet provision, utility bills, fitness centre and contents insurance, as well as 24-hour security and dedicated maintenance and housekeeping teams.

The joint venture partners plan to develop a further three student accommodation sites: Pure Hammersmith, the former Hammersmith Palais concert venue and nightclub; Pure City, a scheme on Goswell Road in Islington; and Pure Bankside, on Ewer Street in Southwark. These developments are due to be delivered during 2013 and 2014 and will extend Pure Student Living’s capacity to around 1,800 beds in London.

Pure Student Living was founded by global alternative asset manager, The Carlyle Group, which has pioneered student housing in the Netherlands through its The Student Hotel brand, and Generation Estates, whose management team has been responsible for some 5,000 purpose-built student beds in London since 2004.

Robert Hodges, managing director of The Carlyle Group, said: 'We intend to build a London portfolio of 4,000-5,000 beds over the next five years in order to capitalise on the current supply/demand balance, in which it is estimated that London currently faces a shortfall of 100,000 student bedrooms to meet demand'.