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UK: MCR Property Group has acquired the Foundry Court and Trinity Student Village assets in Preston.
The properties will add a combined 862 beds to the £360 million Flow Student platform.
The 438-bed Foundry Court on Brook Street and the 424-bed Trinity Student Village on Great Shaw Street were bought from Isle of Man-based Hencap Housing Properties, which acquired them as part of a £53 million portfolio acquisition in 2017.
Flow Student, which was launched in February, is aiming to reach 10,000 beds this year.
Nick Lake, fund director at MCR Property Group, said: “Preston is a logical next step for Flow Student. It is an established university city with strong underlying demand, excellent connectivity and a clear requirement for good-quality, accessible student accommodation. Foundry Court and Trinity Student Village give us immediate scale in one of the North West’s key university markets. Both assets are established, well located and offer clear scope for operational improvement, targeted investment and long-term value creation.
“This acquisition is further evidence that we are executing exactly the strategy we set out: acquire assets with strong fundamentals, deploy capital intelligently and use active management to improve performance. Scale matters, but only when it is matched by discipline. We are not growing for the sake of it. We are building a platform with operational depth, clear performance standards and a sharp focus on the student experience,” he added.
“With our current acquisition pipeline, we are confident that Flow Student will meet its target of reaching 10,000 beds in 2026. Foundry Court and Trinity Student Village give us a meaningful presence in Preston and represent another important milestone in delivering that plan.”
Highlights:
- MCR Property Group has acquired the Foundry Court and Trinity Student Village assets in Preston
- The properties will add a combined 862 beds to the £360 million Flow Student platform
- The vendor was Isle of Man-based Hencap Housing Properties
- Flow Student is aiming to reach 10,000 beds this year
