US investor Lone Star has reportedly made its first foray in the UK PBSA sector with the acquisition of a 2,621-bed portfolio from landlord Fusion Students.
According to a news report by Property Week, the deal was signed off-market for a price of around £315 mln (€370 mln), representing the largest PBSA deal so far this year.
Lone Star has bought four student blocks, two of which are located in Cardiff and Hatfield, and are built and operational. The other two properties in Sheffield and Swansea have been acquired as forward commitments.
