UK: Birmingham-based developer and investor Sama Investment Group has acquired two PBSA schemes, Pinnacles in Sheffield and Chambers 51 in Wolverhampton, with plans to update the sites.
The two operational schemes total 900 student beds.
The Pinnacles PBSA scheme is a 666-bed development located in Sheffield’s Canal Basin area. It includes two-, three-, four-, and five-bedroom en-suite flats. The scheme is fully occupied and close to Sheffield Hallam University.
Chambers 51 is located across the road from the University of Wolverhampton’s south campus and comprises 142 self-contained studios and 15 en-suite bedrooms.
Sama Investment Group has commissioned contractors to undertake full cladding and remediation upgrades. Once the works are complete, Velo Student Living, a nationwide student accommodation provider, will oversee their management.
Bilal Ahmed, executive chairman of Sama Investments, said: “This is a significant acquisition that aligns well with our strategy of regenerating and adding value to established developments. At Sama Investments, we are focused on identifying and progressing opportunities to create long-lasting value for communities. We will not only enhance the experience for students who benefit from living in a modern environment but support the local area by breathing new life into tired buildings.”
Pedro Barros, asset manager at Velo Student Living, said: “We are looking forward to refreshing and enhancing these two new assets. They will benefit from up-to-date facilities and the provision of premier services that will make for a high-quality living environment for residents.”
“Alongside the team at Sama Investments, we are dedicated to identifying opportunities across the UK and look forward to working with others to positively enhance the student accommodation sector as our educational pillars continue to grow,” he added.
