UK: Greystar has acquired two PBSA assets, located in Cardiff and Exeter.
Both sites are badged under The Neighbourhood brand, and were developed and managed by Ethos Property. Beachrock acted for the vendor.
The deal marks Greystar’s expansion into two new UK cities. The Neighbourhood Exeter (160 beds), which opened in 2018, and The Neighbourhood Cardiff (240 assets), established in 2016, are both situated in “prime student areas”.
The Cardiff asset is less than a mile from both Cardiff University and the University of South Wales, which together have a combined total of 58,000 students, and is well located for local bus routes to the campus and to Queen Street Station.
The Exeter asset is situated next to Exeter Central train station, the Guildhall Shopping Centre, and a short walk from the River Exe. It is ideally positioned for students attending University of Exeter or Exeter College.
Both assets provide amenities including a gym, free-to-use bikes and bike storage, a cinema room, lounge, karaoke room and exclusive resident events.
Ben Mowbray, managing director – investment at Greystar, said: “The acquisition of two new PBSA assets in highly sought-after locations aligns perfectly with our strategy to expand our footprint in key student markets across the UK. With the number of full-time students in the UK expected to rise to 2.5 million by 2030, the demand for high-quality, professionally managed student accommodation continues to grow and we are well-positioned to leverage these opportunities and provide secure returns for our investors while creating vibrant communities where students can thrive.
“Our focus is not just on providing beds but on creating environments where students feel safe, supported, and part of a community. With over 50,000 owned and managed student beds across our European portfolio, we understand the unique challenges faced by students and we are dedicated to delivering an exceptional university experience and ensuring their safety and welfare through our 24/7 on-site teams, high-quality amenities, and exceptional services,” he added.
Christos Demetriou, managing director of Ethos Property, said: “The Neighbourhood represents our client’s first foray into PBSA. Ethos set out this platform in 2014, acquired land for our client in 2015 and 2016 and through, design, planning, construction and operations we are delighted to have completed that investment cycle with this sale to Greystar.”
“With this platform we set out to provide best in class accommodation with a compelling and supportive student experience that reflects the premium positioning of The Neighbourhood brand. These values have resulted in exceptional retention rates and an unblemished record of student satisfaction. Since opening in Cardiff and Exeter, The Neighbourhood has housed over 3,000 students from over 100 different countries. We thank our team of Development professionals and Asset managers as well as the management team at site level, our dedicated, brilliant staff and our operating partner Collegiate for their support and dedication along the way,” he added.
