QuadReal Property Group has acquired a 3,460 bed purpose-built student accommodation (PBSA) portfolio from funds and entities managed by Apollo for an undisclosed price.
The portfolio comprises eight assets located in key PBSA markets across the UK, including London. All the buildings were developed within the last five to seven years, and feature gyms, co-working spaces, audio-visual rooms, common areas and event spaces.
Jay Kwan, managing director, Europe, at QuadReal, said: “Across our global portfolio, we are highly selective about the assets we acquire, and target markets with strong fundamentals and significant demand drivers. With resilient demand, structural undersupply, and a large cohort of international students, we have been actively looking to grow our PBSA exposure in the UK and this is an opportunity to expand our student housing platform.”
Kristian Branum-Burns, senior vice president, Europe, international real estate, at QuadReal, added: “This transaction is fully aligned with our fundamentals-driven residential strategy in Europe, and student accommodation is a crucial sector for us. These are high quality, amenity-rich assets servicing in-demand universities across the country, and the portfolio is well placed to deliver sustained rental growth over the coming years.”
