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UK: Patron Capital, in partnership with Curation Capital, has acquired Sheraton Park, a 418-bed purpose-built student accommodation (PBSA) scheme in Durham, marking the first investment for their new joint venture.
The 135,280 square feet asset comprises Sheraton House and Neville House, both located within walking distance of Durham University.
Sheraton Park currently accommodates Ustinov College, the university’s exclusively postgraduate college.
Originally developed in 2017, the property will undergo refurbishment to improve energy efficiency and upgrade amenities for future student cohorts.
The acquisition was funded through Patron Capital’s Fund VII, with debt financing provided by Leumi UK via a £23.5 million loan.
This is the sixth PBSA acquisition by Patron and Curation, but the first under their new joint vehicle. Previous projects between the two firms include student assets in Birmingham, Nottingham, Manchester, and London.
Irina Stamate-Rocha, senior partner at Patron Capital, said: “Refurbishment of UK student housing remains a high-conviction theme for Patron.”
Michael Haverty, founding partner of Curation Capital, said: “Durham is one of the UK’s most sought-after university cities. This new venture reinforces our shared strategy to acquire and reposition quality student housing in top-tier university locations.”
Highlights:
• Patron Capital and Curation Capital launch new joint venture with Sheraton Park PBSA acquisition in Durham
• The 418-bed student housing asset near Durham University will undergo a modern, energy-efficient refurbishment
• Backed by a £23.5 million loan from Leumi UK, the JV targets high-quality student accommodation in top university cities
