Veld Capital has completed the acquisition of two purpose-built student accommodation (PBSA) schemes in Plymouth from Pickstock Group and Maple Grove Developments in two separate transactions.
Saltwater Place and Mary Parker House provide 513 rooms and were fully let over the past three academic years. Saltwater Place is located next to the city centre and Mary Parker House is located within a six-minute walk of the main university campus and an eight-minute walk of Plymouth train station.
Jon Silvosa, investment director at Veld, said: “The high-income potential and exceptional value of these acquisitions proved to be particularly attractive to Veld, offering strong returns for core assets in an excellent location with very solid fundamentals associated. The high yielding nature of these investments in what has consistently proven to be a resilient asset class is something that we are actively looking to build upon as we pursue a number of other attractive opportunities in the UK PBSA market.”
Justin Sulger, managing partner at Veld, added: “These investments reflect our continued conviction in the UK PBSA sector which, despite its maturity, remains significantly under-supplied. It is also supported by very favourable fundamentals and demographic tailwinds in what remains one of the most sought-after education destinations globally. Saltwater Place and Mary Parker House are the first in a series of PBSA investments we expect to complete in the UK market.”
