Harbert European Real Estate (HERE) has acquired a recently delivered purpose-built student accommodation (PBSA) asset in Liverpool from Blacklight Capital Partners (Blacklight) for an undisclosed price.
The Limelight scheme comprises 535 student beds across a mix of studios and cluster apartments. The on-site amenity provision includes dedicated study space, social areas including a sky lounge and kitchen, as well as a gym and cinema.
The management of the scheme will be retained by Homes for Students under its ‘Prestige’ banner.
Blacklight acquired the original Limelight site from administrators in 2022 and the project was delivered in partnership with RoundShield. Blacklight took the scheme through planning, design development and construction, with full operation commencing in 2024. Since opening, Limelight has achieved stabilised occupancy of 99%.
James Humphrey, principal of UK and northern Europe at Harbert Management Corporation, said: “This acquisition reflects our strategy of targeting high quality, recently delivered assets at an attractive entry basis in structurally undersupplied markets. Our direct sourcing capabilities, sector expertise and strong local relationships were key to originating and executing this opportunity.”
David King, senior managing director and co-head of European real estate at Harbert Management Corporation, added: “We believe this investment will deliver resilient, inflation-linked income and is well positioned to weather a potential ‘higher-for-longer’ environment, as continued geopolitical volatility places upward pressure on inflation expectations. Across all our strategies, we remain focused on disciplined deployment and hands-on management, ensuring we create value at both an asset and portfolio level in markets underpinned by clear structural tailwinds.”
Matthew Hunt, principal and founder of Blacklight, said: “This disposal crystallises true development value ahead of our underwritten business plan, and has demonstrated the capacity of the Blacklight:RoundShield partnership to deliver high quality, institutional real estate with global appeal, a strategy that remains active and fully-funded. We have been impressed by HMC’s obvious capabilities, depth of capital and conviction in the sector, and see them as an ideal long-term owner to drive Limelight’s next phase of growth. We wish them well as they grow their portfolio in Liverpool, a city we continue to back as a PBSA investment destination.”
Tom Mees, head of development at Blacklight, added: “It goes without saying that a project of this scale cannot happen without a sustained team effort and we would like to take this opportunity to thank all parties that have been involved in both the development and operation of Limelight. Homes for Students, and in particular the on-site team at Limelight, deserve a special mention for their fantastic management of the building.”
