Urbanite Living has placed a portfolio of five purpose-built student accommodation (PBSA) assets on the market for £130m.
The five schemes, which offer 999 beds, are: The Coal Yard in York, the Leatherworks and 26 Great George Street in Leeds, Electric Press in Sheffield and Clyde Court in Glasgow (pictured).
The portfolio offers a combination of existing operational assets and new build schemes due for occupation during 2024, with the combined estate currently generating more than £7.5m net rent role. More than 50% of the beds are already under a minimum of three to five years nomination agreements with local universities.
Urbanite said it was selling the assets to recycle capital into other ventures, including its plans to deliver a £400m regeneration scheme on the former Yorkshire Post Newspapers site in Leeds city centre. The company is currently exploring land sale and forward-funding options to deliver up to 1,700 student beds and 348 build-to-rent (BTR) apartments on the gateway site.
Urbanite co-founders Daniel Newett and Timonthy Smith said: “We are excited to bring this portfolio to market after five years of regenerating disused properties or land. Our investments have been well considered in providing much needed purpose-built student accommodation in prime locations where demand consistently outweighs supply.
“Urbanite is a young and dynamic team, always poised with the capital support, to deliver sustainable real estate with long term value. We are looking forward to selling this prime investment opportunity to support our next series of exciting development projects.”
Alexander Kitts, associate partner at Gerald Eve, which has been appointed to market the portfolio, added: “We are pleased to represent Urbanite in marketing a very strong portfolio of assets in key performing university cities of international repute. The student housing market is highly resilient as demonstrated by its counter-cyclical nature with student numbers growing at record rates across the nation. Subsequently, PBSA is underpinned by a strong occupational market, which continues to attract a wide range of investors.”
