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UK: Fusion Group has agreed a deal to acquire Plot B at the Dockside Canada Water site in London from Art-Invest Real Estate.
The site, which has been purchased for an undisclosed price as part of Fusion’s joint venture with Cheyne Capital, will provide 742 purpose-built student accommodation (PBSA) beds and 79 affordable homes.
It is the eighth development on which Fusion and Cheyne have partnered and their third in London.
Richard Pilkington, CEO of Fusion Group, said: “Whilst we continue to see market challenges in delivering living sector assets in the current economic and regulatory environment, we have found a way with Art-Invest to unlock this opportunity at Canada Water, a hugely exciting and developing area of London, through our work with our partners, Cheyne Capital. Delivering both PBSA beds and affordable homes in partnership with Cheyne supports the continuing growth of our business and, in particular, our development and operational capabilities in London, which is a key area of growth for us.”
Hamish Gordon, director in Cheyne Capital’s real estate group, added: “The student housing market continues to be driven by considerable demand, with an increasing appetite for well-located and high-quality developments across the UK and particularly in London. Our team has deep experience creating high quality facilities for students throughout Europe, and we are looking forward to continuing our partnership with Fusion to deliver another premium scheme to benefit both students and the broader community in Canada Water.”
Ali Abbas, managing director of Art-Invest Real Estate UK, said: “Our strategic decision to diversify our Dockside office-led masterplan has enabled us to bolster the growing educational living quarter in Canada Water and create an invaluable incubator for talent and business as the new destination continues to evolve. I am delighted to bring on board Fusion and Cheyne and conclude this sale whilst maintaining an interest. Fusion as the developer-operator of the PBSA scheme was a natural decision given our strong cultural alignment and their exceptional capability in the UK student accommodation sector.”
Highlights:
• Fusion Group has agreed a deal to acquire Plot B at the Dockside Canada Water site in London from Art-Invest Real Estate
• The site, which has been purchased for an undisclosed price as part of Fusion’s joint venture with Cheyne Capital, will provide 742 purpose-built student accommodation (PBSA) beds and 79 affordable homes
• It is the eighth development on which Fusion and Cheyne have partnered and their third in London
