UK: AXA IM Alts has acquired a 758-bed PBSA scheme in south London from Vita Group.
The global alternative investments asset manager, which has €184 billion AUM, paid an undisclosed sum to buy Vita Student Lewisham Exchange in south-east London.
Vita Group, the developer of the asset, has been retained as operator under its Vita Student brand. Vita Student Lewisham Exchange was built in 2021 and comprises a mix of fully equipped studio and cluster rooms across 35 storeys.
The deal is AXA IM Alts’ first PBSA acquisition in London.
Stuart Carr-Jones, head of UK, Ireland and emerging Europe transactions at AXA IM Alts, said: “We have a high conviction in the UK PBSA sector, reflecting its structural and demographic drivers, as well as countercyclical characteristics, with the latter in particular borne out during the recent periods of economic disruption.
“Partnering with a leading UK operator, this is a best-in-class scheme with a diverse mix of domestic and international students, in a well-connected location in what is one of the world’s leading higher education clusters. Furthermore, its environmental credentials are aligned with our strong belief in the importance of both minimising a building’s carbon footprint and the tenant wellbeing offering when considering all our real estate investments,” he added.
