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UK: A purpose-built student accommodation (PBSA) development in London’s Paddington neighbourhood is set to be sold for in excess of £191 million.
Citi View has been operational since the start of the 2024/25 academic year, operated by Prestige Student Living.
Naresh Abrol, director of Union Property Developments, said: “We acquired Citi View from the University of London in September 2022 and undertook a full refurbishment to deliver a modern, resilient PBSA asset that has now been fully operational for 18 months. Having proudly established the scheme, we are now ready to pass the baton to a new investor as we progress our broader ambitions.”
The scheme comprises 357 beds, arranged across eight floors, including studios designed to meet demand from postgraduate students.
The asset has gross income of £11.2 million for the 2025/26 academic year, due to rise to £11.4 million in 2026/27, strengthened by an agreement with Londonist DMC Ltd.
Rupert Strutt, partner in the student property team at Knight Frank, said: “We are incredibly proud to bring Citi View to the market; the sale represents a standout opportunity for investors. The scheme is institutionally scaled, modern, and truly best‑in‑class, offering something unique for both established players and new entrants, seeking exposure to a prime Zone 1 location. With continued demand for high‑quality, well‑located operational assets, combined with a lack supply in the capital, Citi View is exceptionally well‑positioned to attract strong interest.”
London is the largest and most structurally undersupplied PBSA market in the UK, with 74 per cent of students unable to access purpose-built accommodation. It is home to 476,000 full‑time students, while international students now account for 55 per cent of the city’s student population, with non‑EU numbers rising by 80 per cent since 2019.
Russell Hefferan, head of student accommodation, capital markets, at Cushman & Wakefield, said: “This type of investment opportunity only emerges once every few years. We are incredibly excited to be mandated on Citi View – a premium product in the prime West End submarket of London, the leading global destination for students.”
Highlights:
• A purpose-built student accommodation (PBSA) development in London’s Paddington neighbourhood is set to be sold for in excess of £191 million.
• Citi View has been operational since the start of the 2024/25 academic year, operated by Prestige Student Living.
• The scheme comprises 357 beds, arranged across eight floors, including studios designed to meet demand from postgraduate students.
• The asset has gross income of £11.2 million for the 2025/26 academic year, due to rise to £11.4 million in 2026/27, strengthened by an agreement with Londonist DMC Ltd.
