Henderson Park, the European real estate investment platform founded by Mount Kellett's former Europe CEO Nick Weber, is joining forces with US group Hines to pursue value-added investments in the European student accommodation sector.
The partnership - the second joint venture that Henderson Park and Hines have formed - is embarking on its first project with the development of a 630-bed student accommodation development in Lancaster in the UK. The new facility is currently under construction with completion in time for the 2019/2020 academic year.
Once complete, the scheme will incorporate a range of shared facilities including a roof level lounge, study library, gym and cinema space, creating an attractive and secure off-hub campus for students.
Hines is already active in the student accommodation sector with a portfolio of 13 student accommodation developments in the UK and Ireland, with a combined gross development value of over £500 mln (€565 mln). Earlier this year Hines also launched a new in-house operating platform - aparto - to enhance the experience for its student residents.
In June, Henderson Park and Hines jointly acquired the Ledra Marriott hotel in central Athens.
'This landmark development in Lancaster represents Henderson’s Park’s first entry into the student living market and the first for this new joint venture with Hines,' said Nick Weber, founding partner of Henderson Park. 'We now look forward to working with Hines to source further interesting opportunities for future investment in this sector across a range of different European cities, where we believe there are also compelling underlying fundamentals.'
