Cordea Savills, the European property fund management firm, acquired Penworks Studios in Birmingham, England for EUR 20 mln. The asset is a five-storey residential building with 150 flats for students. It has been added to Cordea Savills' U.K.-based Student Hall Fund, which now has five properties encompassing 2,215 total flats with a value of EUR 148 mln.
Cordea Savills, the European property fund management firm, acquired Penworks Studios in Birmingham, England for EUR 20 mln. The asset is a five-storey residential building with 150 flats for students. It has been added to Cordea Savills' U.K.-based Student Hall Fund, which now has five properties encompassing 2,215 total flats with a value of EUR 148 mln.
Penworks Studios is located next to Aston University and the University of Central England. The size of the flats will range from 70 m2 to 130 m2, where the average size of a student flat in the U.K. is 40 m2, according to Alison Puhar, the fund director at Cordea Savills.
The apartments in Penworks Studios are directly leased to students in a process managed by Mainstay, specialised in managing blocks of student flats. Puhar told American newspaper CPN that the rents will range from EUR 155 (£70) to about EUR 300 (£200) per room per week.
