UK: Brookfield, through one of its private real estate funds, has acquired a 619-bed PBSA portfolio from IP Investment Management and Glenmore Group.
Knight Frank brokered the transaction of the Trim portfolio, which consists of Duresme Court, West Gate and Stanley Studios – three modern developments located in Durham, Exeter, and Southampton.
Maven Capital Partners UK LLP acted as the onshore asset manager on behalf of both IPIM and Glenmore while Homes for Student’s Prestige Student Living brand and CRM Students will continue as operators for the portfolio.
Brookfield entered the student housing market in 2016, and since then has grown to become one of the largest owners and operators of student housing in Europe with approximately 50,000 beds. It has also recently entered the US student housing market through a joint venture with Scion Group. In the U.K., Brookfield owns Student Roost, which it has developed from a 5,000-bed portfolio in 2016 into the UK’s third largest PBSA provider with over 21,000 beds, a centralised operations platform and integrated growth capabilities.
Michael Fuller, managing director and head of Brookfield’s European Core-Plus Program, said: “The Trium Portfolio represents an attractive entry into student housing for our European core-plus strategy. The U.K. student housing market has remained resilient throughout the cycle, and these assets are well-positioned to benefit from continued strong demand for post-secondary qualifications from U.K, universities, and a shortage of high-quality PBSA facilities. Leveraging our experience of owning and operating PBSA businesses, the portfolio will serve as a foundation for further acquisitions in U.K. cities with high-quality institutions.”
Rachel Pengilley, partner at Knight Frank’s Student Property team said: “The Trium Portfolio comprises three best-in-class schemes with exceptional amenity provision. Each of the properties occupies a prime micro-location within its respective student market and the portfolio has attracted much investor interest. We’re delighted to have brokered this significant deal between IPIM, Maven, Glenmore, and Brookfield.”
Delegates at next month’s Recharge event in Paris will be visiting the ECLA Campus – the largest PBSA asset in Europe, which is also owned by Brookfield.
