Long Harbour is entering the purpose-built student accommodation sector (PBSA) through a joint venture with Rosethorn Capital Partners.
The strategy will be led by Rosethorn CEO Stephen Rigby, who was a founder and chief investment officer at Student Roost, which was acquired by GIC and Greystar in 2022 for £3.34bn.
Long Harbour will target high-spec standing stock and new developments with an initial focus across the UK’s major university hubs. The company aims to build a portfolio of up to 10,000 beds over the next five to seven years and the properties will be managed by Long Harbour’s residential management platform Way of Life.
William Astor, chief executive at Long Harbour, said: “We are thrilled to have agreed terms with Rosethorn Capital Partners to lead our PBSA strategy and are looking forward to combining their deep expertise in the student accommodation sector with our own development and operational capability. There is a significant undersupply of high quality student accommodation across the UK’s main university cities, and through our Way of Life platform, we intend to provide an exciting and engaging student living experience in areas where it’s most needed.”
Stephen Rigby, CEO at Rosethorn Capital Partners, added: “We plan to build a high-quality portfolio across the UK and to create a highly compelling offer for students. With record numbers of students in the UK, increasing year on year, there remains a long-term structural shortage of well-located and well managed properties for students to live in. I’m delighted to be working with Long Harbour to lead the PBSA venture, and the team and I are excited to start work on delivering our plans and ambitions.”
