Patron Capital has partnered with London-based real estate investment manager Curation Capital to buy and refurbish existing UK student properties.
The purpose-built student accommodation (PBSA) joint venture, which will target properties located in towns and cities that are linked with Russell Group or tier-one universities, has acquired Beech Gardens, a 250-bed development in Birmingham.
Funding for the venture came from Patron Capital鈥檚 Fund VI, which recently raised 鈧�844m at close, Patron Capital said.
Financial details were undisclosed.
Keith Breslauer, managing director at Patron Capital, said: 鈥淲e are pleased to enter the UK student accommodation market with our partner, Curation Capital. Despite the turbulence caused by the pandemic, PBSA has shown resilience, and recent figures from UCAS show that the number of applications for university places is up 8.5%, supported by the countercyclical benefits of higher education and an uncertain economic backdrop.
鈥淲e see significant opportunities in this market, particularly where value can be driven from refurbishment, additional development and targeted asset management.鈥�
Michael Haverty, founding partner of Curation Capital, said: 鈥淭he relationship will allow us to build and create a high-quality portfolio of student assets located in Russell Group and tier 1 towns and cities.
鈥淭he Beech Gardens Birmingham acquisition offers a fantastic opportunity to own an asset in a top national student market. We intend to follow this up with further acquisitions throughout the next few years.鈥�
Almero Student will manage the assets purchased by the investment vehicle.
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