Brookfield Asset Management has completed the sale of the Stanley Studios purpose-built student accommodation (PBSA) asset in Southampton to Legal & General (L&G) Student Living for £43m.
The 245-bed asset, which comprises 177 studio apartments and 68 two bed apartments, is operated by Prestige Student Living and opened for the 2021/22 academic year.
The on-site amenity provision includes a private lounge, study room, library, private dining room, cinema, gym and games room. The scheme is located just north of the city centre, a 13-minute walk from the University of Southampton.
Alistair Kemp, director, Savills operational capital markets, which advised Brookfield, said: “We are very pleased to have completed the successful sale of this asset. Southampton’s PBSA development pipeline remains notably limited, contributing to a strong demand profile for high quality, well-located assets in the city. The transaction reflects the continued appetite for premium student housing and demonstrates that well-designed, well-located schemes continue to perform strongly in the current market.”
Neil Dovey, head of annuity transactions, real estate, at L&G, added: “We are delighted to add this asset to our portfolio, bringing our investment in the sector to just under £400m over the past two years. We will continue to target those locations with strong property fundamentals where the student population is expected to increase in line with the growth plans of the main universities in the city.”
