AustralianSuper has completed the first portfolio acquisition for its new UK living platform.
The fund has acquired a 1,616-bed purpose-built student accommodation (PBSA) portfolio from Harrison Street Asset Management for an undisclosed price.
The six operational assets are located in London, Edinburgh, Belfast, Cardiff, Birmingham and Leicester.
The acquisition adds to the platform’s seed investment in Bristol, a development site that will deliver a 17-storey PBSA building comprising 454 beds and 1,067 sq m of commercial space. The platform’s investments will be managed by Homes for Students.
Tim Butler, CEO of the platform, said: “This milestone demonstrates our commitment to building a high quality living sector portfolio in prime university-anchored locations. Our focus is on delivering exceptional service and operational standards that meet the needs of today’s students. This portfolio provides the platform with immediate cashflow as we seek to achieve scale swiftly.”
Vicky Stanley, senior investment director for real assets at AustralianSuper, added: “AustralianSuper is pleased to have acquired this portfolio of assets. This acquisition executes on the strategy of our new UK living platform to scale with quality homes for rent, anchored to high demand university locations, with the opportunity to grow income and deliver for members over the long term.”
Paul Bashir, CEO Europe at Harrison Street Asset Management, said: “We believe this transaction reflects the strong fundamentals of the UK student housing market and demonstrates the continued global interest in high quality, purpose-built student housing. Additionally, we feel it underscores our ability to deliver institutional portfolios at scale. We’re proud of the platform we’ve built in Europe and remain committed to identifying opportunities that create value for our investors across market cycles.”
