Southern Grove and Tadhamon Capital have put a 2,049-bed student accommodation portfolio up for sale.
The Future portfolio comprises five freehold assets in Nottingham (pictured), Guildford, Colchester, Sheffield and Loughborough. Some 66% of the units are en-suite, 24% are studios, 6% are townhouses and 4% are one- to three-bedroom apartments.
The portfolio is expected to generate a gross operating income of £20.695m in the academic year 2023/24, with strong rental growth prospects for the subsequent academic year.
Southern Grove and Tadhamon Capital have instructed Harris Associates to sell the portfolio and Howard Kennedy LLP is advising on all aspects of the sale transaction.
Andrew Southern, chairman of Southern Grove, said: “We are delighted to have developed and operated this future-facing portfolio of assets, at the cutting edge of design and experiences. The portfolio has been carefully crafted for the next generation of students – with comprehensive amenity spaces and consistent events for students. We are excited to have partnered with the best agent, Harris Associates, and commercial lawyers, Howard Kennedy to present our unique offering to the market”
Jamie Harris, head of student accommodation at Harris Associates, added: “The Future portfolio is an opportunity to acquire a truly transformative portfolio and amass scale in key university cities with structural undersupplies. With its defensive mixture of clusters to studios, a portfolio of this nature is simply unable to be built again.”
Graham Kaye, partner at Howard Kennedy LLP, said: “We have been working with Southern Grove and Tadhamon Capital since early 2022 and are looking forward to working with Harris Associates on this exciting sale of The Future portfolio.”
