Curation Capital and joint venture partner Patron Capital have acquired the 393-bed Alma Place purpose-built student accommodation (PBSA) asset in Belfast, Northern Ireland, for an undisclosed price.
The asset, which opened 2022, was acquired from Nathan Pask and Andrew Foster, joint fixed charge receivers at Watling Real Estate. The scheme’s on-site amenity provision includes a breakfast bar, karaoke room, private dining space, fully equipped gym and a lounge area.
The acquisition represents the second asset secured by Curation and Patron’s second joint venture and marks its entry into the Belfast market. Across both joint ventures, Curation and Patron hold more than 1,800 beds across seven PBSA assets in key Russell Group university locations.
Irina Stamate-Rocha, partner at Patron Capital, said: “We are pleased to expand our second joint venture with Curation Capital through the acquisition of Alma Place, a high quality, strategically located asset in this resilient, high demand sector. With more than 1,800 beds across seven assets, our joint ventures reflect our continued conviction in well‑located, affordable PBSA in leading university markets.”
Michael Haverty, partner at Curation Capital, added: “Alma Place represents a high quality PBSA asset in a super location, benefiting from strong student demand and proximity to both Queen’s University Belfast and Ulster University. The acquisition also marks the joint venture’s entry into a new market. We are delighted to continue expanding our relationship with Patron Capital through our second acquisition in this joint venture and are actively seeking further opportunities in supply constrained PBSA markets that continue to offer affordable solutions for students.”
Patrick Anderson, global head of real estate at Steyn Group, said: “We are delighted to acquire Alma Place and to continue building our strong partnership with Patron Capital through our second joint venture. We continue to believe PBSA represents a compelling investment opportunity in strong locations, supported by resilient demand fundamentals and long-term demographic trends.”
Jamie Radcliffe, associate director, Savills operational capital markets, which advised Patron and Curation, added: “We are delighted to have achieved a successful outcome for our clients. This acquisition reflects both the strength of our sector expertise and the continued appeal of the Belfast PBSA market.”
George Tincknell, associate in student property at Knight Frank, which advised the vendor, said: “Having worked on the scheme over a number of years, we are pleased to see the successful sale of Alma Place. The development has been an exceptional addition to Belfast’s student accommodation market and this transaction is a strong endorsement of the quality of the asset and the depth of student demand in the city. We are proud to have played a role in its success and to have supported our client throughout the journey.”
