UK: Manchester-based MCR Property Group has acquired a portfolio of five student assets across the East and West Midlands.
The PBSA (purpose-built student accommodation) portfolio includes 1,013 beds across five city centre sites – Corporation Village, Burges House, Pillar Box and Market Way in Coventry and Clarendon Street in Nottingham. The properties were acquired from Arlington Advisors for an undisclosed sum, and are managed by Collegiate AC.
MCR now has more than 2,700 student beds across the UK, at properties including Unity Square in Liverpool, Park Village in Sheffield and Clanny House in Sunderland. It says more acquisitions are in the pipeline over the coming weeks.
The group says it will retain the existing on-site teams at its newly-acquired properties and is investing in further operational support functions at its student property portfolio. MCR will also launch a dedicated PBSA brand platform later this year.
Nick Lake, fund director at MCR Property Group, said: “We see a compelling opportunity in the PBSA market, driven by undersupply and strong rental performance in key university cities. Our history as a fast-moving, value-led investor gives us the confidence and capability to scale quickly and deliver impact. This acquisition is a significant step in the expansion of our student living platform, and we look forward to continuing that momentum in the months ahead. We would like to thank the Collegiate team for their professionalism and collaboration throughout this process.”
Highlights:
• MCR Property Group has acquired a portfolio of five student assets across the East and West Midlands
• The PBSA (purpose-built student accommodation) portfolio includes 1,013 beds across five city centre sites in Coventry and Nottingham
• MCR will also launch a dedicated PBSA brand platform later this year
