Global living specialist Scape, and its joint venture partner APG, have acquired a prime purpose-built student accommodation (PBSA) scheme in Leeds, UK from Real Estate Capital Holdings for £18.5 mln (€22 mln).
The asset at 44 Merrion Street, which has an approximate gross development value of over £100 mlon, has planning permission for 660 student bedrooms split across two towers – standing at seven and 32 stories.
Student housing provider Scape announced in February that it had joined forces with the Dutch pension fund giant to launch a £500 mln PBSA joint venture in the UK.
Adam Brockley, chief development officer of Scape, said: 'This an important and exciting first step in Scape and APG’s expansion strategy.
'We are really looking forward to completing this landmark site with SimpsonHaugh and contributing to the local community. This is going to be a truly iconic building on the Leeds skyline and the beginning of further developments for Scape in leading academic cities both in the UK and globally.'
The Leeds scheme will feature a mixture of studios and en-suite cluster apartments, alongside extensive communal and amenity spaces such as a fitness studio, cinema and shared kitchens. The development will also reactivate public realm space at the ground floor level, benefitting both student residents and the general public.
Merrion Street is recognised as a prime student accommodation cluster in Leeds, with other PBSA developments Symons House and Vita St Albans located nearby. The area is popular with students, thanks to its proximity to the University of Leeds and Leeds Beckett University, which can both be reached on foot in under 10 minutes.
The site identification to completion happened within a one-month period, with exchange happening after 10 days, Real Estate Capital said.
Paddy Shovlin, founder and director of Real Estate Capital said: 'We are delighted that Scape will be delivering this world-class tall building – designed by SimpsonHaugh – which will significantly raise the bar for architecture in Leeds’ Cultural District.
'The scheme will provide new street level retail, arts and cultural space, as well as delivering public realm enhancements and new trees within the vicinity of important historic assets such as the Grade I Listed St John’s Church.'
Knight Frank advised Real Estate Capital Holdings on the disposal.
