Curation Capital has purchased a purpose-build student accommodation (PBSA) asset in Newcastle from IP Investment Management (IPIM) for £28.75m.
The property, which is situated in the heart of Newcastle’s Quayside area, comprises 416 beds and offers a mix of accommodation, with 85% en-suite rooms and 15% studios. On-site amenities include a cinema room, laundry facilities and bicycle storage.
Curation Capital is a subsidiary of Steyn Group and has been active in the UK PBSA market, recently acquiring operational assets in London, Manchester, Nottingham and Birmingham in partnership with Patron Capital.
Selina Williams, executive director at IPIM, said: “We are pleased to have worked with the team at Knight Frank to successfully execute the sale of this high-quality PBSA asset in Newcastle. The property has performed well and attracted strong interest from investors, reflecting the positive fundamentals of the UK student housing market. This transaction represents an attractive outcome for our investors, and we look forward to exploring new opportunities to continue growing our PBSA portfolio.
Michael Haverty, partner at Curation Capital, added: “We are delighted to have acquired our first PBSA asset in Newcastle, the city’s market dynamics present an attractive business case. This acquisition allows us to continue to expand and diversify our UK student accommodation portfolio. We look forward to working closely with our development and operational partners, Forge Development and Almero Student, on the repositioning of this asset.”
Luke Shackleton, associate in Knight Frank’s student property team, which advised IPIM on the sale, said: “This opportunity provided a rare chance for investors to acquire an institutionally attractive and well located operational PBSA scheme in a prime regional market. Newcastle continues to benefit from rising student numbers and a constrained development pipeline, placing it high among investors’ target markets. We are delighted to have brokered the deal between our client and the purchaser.”
