Investment management firm Harrison Street and Torsion Developments have formed a new joint venture to develop and acquire purpose built student accommodation (PBSA) assets across the UK.
The JV has identified a pipeline of PBSA assets, which, if closed, would comprise approximately 3,000 beds and a total project cost of £200 mln. The vehicle has also announced its first acquisitions: Pine Mill, a 361-bed PBSA in Lincoln; and Curzon Circle, a 290-studio PBSA in Birmingham.
Each property will offer complete bed-bath parity and full amenities and be managed by Torsion Students. Pine Mill, conveniently located for University of Lincoln students, is scheduled to be completed ahead of the 2021-2022 academic year. Curzon Circle, located near Birmingham City University and Aston University, should be ready for the 2022-2023 academic year.
Paul Bashir, CEO of Harrison Street’s European business, said: 'Birmingham and Lincoln are home to major universities with student populations of 72,600 and 15,200 respectively, yet both face a significant undersupply of high-quality PBSA options.'
David Worsley, development director of Torsion, said: 'Torsion is pleased to announce a joint venture with Harrison Street to develop two high quality student accommodation developments.
'The collaborative approach by both firms to get this deal completed irrespective of the working impact of Covid-19 is a testament to all involved. We are looking forward to completing the first phase with Harrison Street and developing the long-term strategy for the joint venture.'
Harrison Street has invested over €2.7 bn across 49 assets throughout Europe, including over 14,000 student accommodation beds, 2,000 residential units and 1.6 million ft2 of Life Sciences space.
