UK: Bricks Group and Tristan Capital Partners have created joint venture, with aims to manage £750 million of PBSA assets.
Under the terms of the partnership, Bricks Group sold £400 million of assets to the JV.
The joint venture unites Bricks Group with Tristan Capital Partners’ Curzon Property Partners Long-Life core-plus fund. It will focus on purpose-built student accommodation. Bricks Group’s asset management team will continue to oversee the six assets that have been acquired by the joint venture. Bricks Group’s true Student platform will manage them.
Among the assets sold are two projects that make up Discovery Quay in Salford. The first phase of the development, a 13-storey tower with 402 bedrooms, is complete. The second, a 457-bed building with 15 storeys, is still under construction. The other assets are in Birmingham, Glasgow, Leicester and Swansea.
The joint venture is aiming to grow its portfolio to £750 million within the next five years.
Tristan Capital Partners executive director Kristian Smyth said: “We share an ambition to scale up our JV in the short term through a combination of acquisition of operating assets and de-risked development of new schemes across the UK. Through our Core Plus CCP 5 LL Fund, we are well-positioned to execute in this attractive growth sector as we look to grow the platform to £750m in the coming years.”
Bricks Group founder and chief executive Peter Prickett added: “With our aligned culture and brand focus, there are super exciting times ahead for the joint venture,” Prickett said. “Together we’ll make a powerful and positive impact on the student experience with a continued focus on the evolving PBSA sector.”
Knight Frank, Franklin Bay, Pinsent Masons, and KPMG advised Bricks Group on the sale of the assets. Tristan Capital was advised by BCLP, Workman, PWC, Savills, Longevity, and TigerLime.
