:
UK: Global investment firm KKR has acquired a UK PBSA portfolio from Curlew Student Trust II, funded by clients of CBRE Investment Management, for approximately £230 million.
The seven-property portfolio was developed by Curlew between 2020 and 2022 and spans seven UK cities.
The assets primarily feature en-suite units and a strong amenity provision. Approximately 80 per cent of units are let to undergraduates and more than 50 to domestic students.
Inhabeo, KKR Real Estate’s living sector platform in Europe, will act as the asset manager for the portfolio.
Seb d’Avanzo, KKR Europe’s head of real estate acquisitions, said: “We are pleased to add a UK PBSA portfolio of rare scale and caliber to our portfolio, underscoring our conviction in high quality living spaces within our core+ strategy in Europe. Curlew have strategically developed a collection of assets with differentiated positioning in their local markets.
“We believe our continued investment in these properties will position them to benefit from strong enrolment in British universities and favorable tailwinds through outsized demand for modern accommodation experiences in great locations.”
Ross Netherway, CEO of Inhabeo, said: “This transaction marks another notable milestone for our European living sector platform with KKR which now exceeds £800 million. We intend to continue to grow our diversified portfolio of residential investments in strategically chosen assets, subsectors, and geographies.”
The deal was advised by Jones Day for KKR and CMS Cameron McKenna Nabarro Olswang for Curlew Student Trust II.
Highlights:
• KKR has purchased seven purpose-built student accommodation (PBSA) assets from Curlew Student Trust II for £230 million
• The portfolio has 2,179 beds across seven UK cities, developed between 2020 and 2022
• About 80 per cent of units are let to undergraduates, and more than 50 per cent to domestic students
• Inhabeo, KKR Real Estate’s living sector platform in Europe, will act as the asset manager for the portfolio
