Maven Capital Partners and IP Investment Management are seeking offers in excess of £143,350,000 for The Latitude Portfolio, which consists of seven PBSA assets in five key UK markets.
The assets are being marketed for sale as a portfolio by Knight Frank’s student property team, but the vendor will consider offers for individual properties.
The portfolio offers 1,250 bedrooms – 48% are ensuite with 52% studio rooms – and Knight Frank said they offer market leading amenity space.
Three of the schemes are located in Stirling – Carters Yard, Centro House and Riverside Quay. The other assets are Murieston Crescent in Edinburgh, Mansion Tyne in Newcastle, Stanley Studios in Portsmouth and St Peter’s Hall in Bournemouth.
All of the assets have 100% occupancy for the 2022-23 academic year, expect Stanley Studios, which practically completes in time for the 2023/24 academic year.
Selina Williams, executive director at IP Investment Management, said: “This is the fourth portfolio of luxury PBSA assets that Maven and IPIM have brought to market having developed, let and stabilised over 3,000 student beds in strong regional university cities across the UK over the past 11 years.
“We remain committed to developing best in class buildings and creating vibrant student communities as we enter the next phase of our development cycle. With many locations in the UK seeing an acute shortage of accommodation coupled with significant growth in the number of both domestic and overseas students availing themselves of UK higher education the prospects for investors in the sector have arguably never been stronger.”
Josh Woolley, a partner in the student property team at Knight Frank, added: “We are proud to be marketing this fantastic investment opportunity. It has an attractive geographical spread across the UK in critically undersupplied markets with a very limited development pipeline. The current occupancy and rental growth projections are testament to the quality of these markets and the individual schemes in the portfolio.”
