US-based investment manager Harrison Street Real Estate Capital has teamed up with Uliving to invest in purpose-built student accommodation properties in the UK.
As part of the partnership, the companies have finalised agreements on their first project, a new £40m (€45.8m) student accommodation development in Birmingham’s city centre.
UBS Asset Management is providing senior debt funding through its real estate debt fund, the UBS Participating Real Estate Mortgage Fund (UBS-PREMF), while Harrison Street is the majority equity investor.
Uliving is also providing equity and is the developer and operator.
Uliving’s partners Bouygues Energies & Services and Bouygues UK will provide facilities management and construction services.
Construction will begin in April 2018, with the first students set to move in for the 2020/2021 academic year.
Daniel Gorzawski, the managing director and head of Europe at Harrison Street, said: “Partnering with best-in-class operators to invest in high-quality student accommodation projects is a key element of our strategy.
“This is a first-rate scheme in an excellent location and we look forward to a successful, long-term relationship with Uliving and UBS.”
Nicolas Guérin, Uliving’s executive chairman, said: “Having partnered with universities to create exceptional student accommodation schemes in Essex, Hertfordshire and Gloucestershire, it is exciting to have reached financial close on this project, which signals the start of our joint venture with Harrison Street and sees us developing our first off-campus, direct-let scheme.
“With its five universities and over 65,000 higher education students, Birmingham - Britain’s second largest city by population - is an increasingly attractive destination and the ideal location for this evolution in our product offering.”
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