UK: Urban regeneration specialist Vita Group has sold three PBSA assets on behalf of a key client to Savills Investment Management (Savills IM).
The 1,340-bed portfolio sale represents one of the largest UK PBSA asset deals in 2023. It includes Cannon Park in Warwick, Iona Street in Edinburgh and Bruce Street in 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 added: “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.”
