Savills Invsestment Management has acquired three purpose-built student accommodation (PBSA) assets in the UK for £300 mln (€350 mln) from urban regeneration specialist Vita Group.
The transaction, inked on behalf of a client, is one of the largest UK PBSA asset deals in 2023. The properties include Cannon Park (Warwick), Iona Street (Edinburgh) and Bruce Street (Belfast), totalling 1,340 beds.
Vita Student will continue to operate the assets on behalf of Savills IM.
Ioannis Verdelis, chief investment officer for Vita Group said: 'We’re delighted to sign this deal with Savills Investment Management.
'The UK’s purpose-built student accommodation market continues to be an exciting and resilient asset class for investors as demand from students for high-quality PBSA continues to outstrip supply, creating an attractive proposition for any investor.
'We look forward to building on our relationship with Savills Investment Management as we deliver Vita Student’s class-leading brand experience for our residents across their buildings.'
Adrian Martin, director at Savills IM commented: 'This strategic acquisition underscores our conviction for the long term resilience of the PBSA sector in the UK. The acquired assets are examples of best-in-class buildings, and Vita is an operator with a compelling reputation.'
