Cain International and Menora Mivtachim (Menora) have expanded their existing strategic partnership, with Menora committing follow-on capital to accelerate the growth of Cain’s purpose-built student accommodation (PBSA) equity platform in the UK.
The platform already includes a portfolio of assets located in major Russell Group cities such as Manchester, Leeds, York, Liverpool and Nottingham, developed in collaboration with Olympian Homes and Fusion Students.
Cain recently expanded its footprint with the acquisition of St James House in Bristol (pictured), bringing the total gross development value (GDV) of the portfolio to more than £800m.
The new commitment between Cain and Monora will drive the development of further high-quality PBSA projects and strategic acquisitions across key university cities in the UK.
Sheery Kishon, head of real estate acquisitions at Menora Mivtachim, said: “As a strategic decision, we decided to enter into the PBSA market which has continuous growth in light of an imbalance between demand and supply. Adding another asset to the portfolio is an opportunity to strengthen our established partnership with Cain and expand our presence in a market where we see significant potential. We look forward to building on the strong momentum we’ve developed together.”
Oliver Cummings, head of PBSA, Europe at Cain International, added: ‘We are delighted to take another step in expanding our partnership with Menora, whose continued support will open up new opportunities as we build a platform of high-quality, amenity-rich PBSA developments that reinforce the UK’s status as a leading destination for global education.”
