Specialised investor Global Student Accommodation Group (GSA) and its joint venture partner, investment management firm Harrison Street, have acquired two purpose-built student accommodation (PBSA) assets in Bristol, UK.
Financial details were not disclosed.
The JV has acquired the Print Hall and Unity Street residences from an unnamed UK pension fund, with HSBC providing bank debt for the acquisition.
The properties will be operated by GSA, extending its partnership with the University of Bristol.
James Hunt, managing director of real estate at GSA, said: 'This transaction expands GSA’s footprint in Bristol to support the city’s strong and growing student market. We are now home to over 800 of the University of Bristol’s students.
'Harrison Street is a valued and longstanding partner, and we are very pleased to be working with them on another transaction. Our investment will provide significant benefits for all of our stakeholders as we continue to develop our portfolio of Tier one assets in key locations.'
Print Hall and Unity Street are adjacent student residences with a combined total of 500 beds, featuring studios and single en-suite bedrooms within cluster apartments. Print Hall opened in 2017, and Unity Street opened in 2019.
Rob Mathias, partner and head of international business for Harrison Street, said: 'This transaction is consistent with Harrison Street’s approach of investing in high quality PBSA assets in strong European markets.
'Bristol is a great university town, home to more than 46,000 students, with an additional 3,500 expected in 2023 following the University of Bristol’s planned expansion.'
GSA and Harrison Street began their partnership in December 2015 and have since acquired 27 properties accounting for over 8,600 beds across the UK, Ireland and Spain.
