UK: Greystar Real Estate Partners has acquired a site at Wembley Park from Quintain on behalf of its pan-European residential fund GEPE I for an undisclosed sum.
Greystar will build a 20-storey PBSA development on the site comprising 770 beds alongside 7,480 square feet of internal space and 9,096 square feet of external amenity space. The scheme has been designed to a BREEAM Excellent rating and features two lounges, gym, screen room, games room, private dining space, communal study area, space for socialising, cycle storage spaces, and external gardens and podiums.
The site benefits from a 100 per cent market rent PBSA planning consent, with planning permission obtained by Quintain in December 2022, and forms part of the wider Wembley Park regeneration programme. Demolition at the site has been completed and McAleer & Rushe has been appointed as construction partner. On-site development will begin immediately with first occupancy from September 2025. Greystar intends to operate the asset under the Canvas brand, complementing its existing adjacent 283-bed PBSA site in the Wembley Park area.
Greystar says its investment reflects the ongoing attractiveness of London, characterised by an acute shortage of high-quality student accommodation and the capital’s status as the top global capital city for overseas students.
Ben Mowbray, senior director – UK student investment, at Greystar, said: “The PBSA sector is undergoing a period of resurgence after the disruption of Covid-19, and this can clearly be seen in the UK where demand continues to outstrip supply. In London, the UK’s largest student market, university applications are now at seven times pre-pandemic levels, and we expect a PBSA shortfall of 178,000 beds in the capital alone. The Wembley Park scheme is one of the few developments in London under construction currently, and the strategic acquisition expands our existing presence in Northwest London where we successfully operate Canvas Wembley. With an existing portfolio of over 120,000 student beds globally, we are well positioned to leverage the opportunities ahead in PBSA – one of our highest conviction investment strategies globally.”
Since entering the UK PBSA market in 2013, Greystar has grown its Chapter Living brand in London, built the Canvas brand in 2021, and part-owned IQ until 2020. In December 2022, Greystar completed the acquisition of Student Roost, the UK’s third PBSA accommodation provider, from one of Brookfield’s real estate private funds for a new joint venture.
