iQ Student Accommodation has exchanged contracts on the purchase of the 552-bed Ten Traffic Street PBSA scheme in Nottingham from The Jensco Group for around £70m.
The scheme, which was developed by Jensco, was 99% leased when it opened in September last year. In addition to 552-beds it offers a wide range of amenities including study spaces, a roof terrace, cinema, coffee shop and private dining space.
Nigel Bobroff, co-founder of The Jensco Group, said: “Jensco is proud to have delivered an exceptional PBSA development in a vibrant city centre location, close to two world-class universities. Adjacent to the University of Nottingham’s new Castle Meadow campus, the scheme has been extremely successful since opening in September 2022 and we are delighted to have sold the asset to leading PBSA operator iQ Student Accommodation.”
Jamie Harris, head of student accommodation at Harris Associates, which acted on behalf of Jensco on the disposal, added: “The sale of Ten Traffic Street, one of the first PBSA asset disposals in 2023, demonstrates the resilience of the PBSA sector. We are delighted that Harris Associates were trusted by Jensco to deliver a market-leading transaction. High-quality PBSA assets continue to be extremely popular with investors thanks to a continued growth in student demand and a lack of high-quality supply.”
It is anticipated that the sale of the PBSA asset to Blackstone-owned iQ Student Accommodation will complete at the end of June this year.
