DWS is forward funding a student accommodation scheme under construction in Bristol on behalf of one of its German real estate funds.
The project was acquired from F3Group for around €62.8 mln (£57 mln) and is expected to complete in the third quarter of 2021.
Located in a prime location in Bristol city centre, the redevelopment of the site in Redcliffe, as designed by award winning architects GSS, is for a state of the art purpose built student accommodation (PBSA) to provide 357 student beds on a total floor space of 8,575 m2. It will lease to the University of Bristol on a long-term basis.
‘For DWS, this acquisition further expands our presence in the student accommodation sector taking the number of student beds we will have under management in the UK and Ireland to over 5,000 since first entering the sector in 2019. Off the back of last year’s UK purchases of large scale schemes in Wembley, London, as well as a portfolio of beds across Manchester, Glasgow, Edinburgh, Leeds, Birmingham and Newcastle,’ said Mike Hill, head of Real Estate Transactions, UK and Ireland at DWS.
‘In line with our strategy, the purchase will increase the proportion of "residential" uses, investing in a city with a strong and vibrant economy, limited land supply and high demand among students,’ said Matthias Naumann, CIO Europe Real Estate at DWS.
