:
UK: Curation Capital and Patron Capital have acquired the 393-bed Alma Place purpose-built student accommodation (PBSA) asset in Belfast for an undisclosed sum.
The asset was built in 2022 and is close to Queen’s University Belfast and Ulster University.
This is the second asset secured by Curation and Patron’s second joint venture and the first in Belfast market. Across both joint ventures, the partners have more than 1,800 beds across seven PBSA assets in Russell Group university locations.
Irina Stamate-Rocha, partner at Patron Capital, said: “We are pleased to expand our second joint venture with Curation Capital through the acquisition of Alma Place, a high quality, strategically located asset in this resilient, high demand sector. With more than 1,800 beds across seven assets, our joint ventures reflect our continued conviction in well‑located, affordable PBSA in leading university markets.”
Michael Haverty, partner at Curation Capital, added: “Alma Place represents a high quality PBSA asset in a super location, benefiting from strong student demand and proximity to both Queen’s University Belfast and Ulster University. The acquisition also marks the joint venture’s entry into a new market. We are delighted to continue expanding our relationship with Patron Capital through our second acquisition in this joint venture and are actively seeking further opportunities in supply constrained PBSA markets that continue to offer affordable solutions for students.”
The asset is managed by Fresh, which took over operations in February last year. Receivers were called in last April to sell the building after its former owners, Chicago-based investment management firm CA Ventures, shuttered its Novel Student brand, following a failed bid to sell the business.
Knight Frank acted for the vendor, (Nathan Pask and Andrew Foster, joint fixed charge receivers at Watling Real Estate). The buyers were advised by Savills.
George Tincknell, associate in student property at Knight Frank said: “Having worked on the scheme over a number of years, we are pleased to see the successful sale of Alma Place. The development has been an exceptional addition to Belfast’s student accommodation market, and this transaction is a strong endorsement of the quality of the asset and the depth of student demand in the city. We are proud to have played a role in its success and to have supported our client throughout the journey.”
Highlights:
• Curation Capital and Patron Capital have acquired the 393-bed Alma Place purpose-built student accommodation (PBSA) asset in Belfast for an undisclosed sum
• The asset was built in 2022 and is close to Queen’s University Belfast and Ulster University
• It is managed by Fresh, which took over operations in February last year
