Greystar Real Estate Partners has acquired a site for a new PBSA development at Wembley Park from Quintain on behalf of its pan-European residential fund GEPE I for an undisclosed sum.
The 20-storey BREEAM Excellent-rated scheme will offer 770 beds in addition to 7,480 sq ft of internal and 9,096 sq ft of external amenity space.
Quintain obtained planning permission for the scheme in December 2022 and demolition at the site has already been completed with McAleer & Rushe appointed as the construction partner. The first occupants are expected to move in from September 2025 and Greystar intends to operate the asset under its Canvas brand.
Ben Mowbray, senior director – UK student investment at Greystar, said: “The PBSA sector is undergoing a period of resurgence after the disruption of Covid-19, and this can clearly be seen in the UK where demand continues to outstrip supply. In London, the UK’s largest student market, university applications are now at seven times pre-pandemic levels, and we expect a PBSA shortfall of 178,000 beds in the capital alone.
“The Wembley Park scheme is one of the few developments in London under construction currently, and the strategic acquisition expands our existing presence in Northwest London where we successfully operate Canvas Wembley. With an existing portfolio of over 120,000 student beds globally, we are well positioned to leverage the opportunities ahead in PBSA – one of our highest conviction investment strategies globally.”
