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QuadReal Acquires UK Student Housing Portfolio from Apollo Funds
Vancouver-based QuadReal Property Group has acquired an eight-asset, 3,460-bed purpose-built student accommodation (PBSA) portfolio from Apollo-managed funds and entities for more than £500 million (US$665 million-plus). The portfolio includes assets in key PBSA markets across the UK, including London.
Seventy-five percent of the portfolio is situated within proximity of prestigious Russell Group universities. All the buildings were developed within the past five to seven years and are well-amenitized with gyms, co-working spaces, audio-visual rooms, common areas and event spaces, according to QuadReal.
QuadReal notes that the UK PBSA sector is expected to outperform other asset classes over the next few years. The country has the largest student population in Europe, as well as the highest share of international students, with overall full-time student numbers continuing to rise. The UK market is structurally undersupplied, with an estimated shortfall of 840,000 units expected by 2027.
Pictured: Pavilion Court near Wembley. Photo credit: LaSalle Investment Management.
- ◦Sale/Acquisition
