Student Developments Driving Out Coventry's Businesses
20th Jul 2018
The US private equity firm Starwood Capital Group has entered the UK student accommodation market with the £120 million purchase of a six-asset portfolio.
The portfolio is understood to consist of 1,595 beds and comprises of Haymarket in Edinburgh, Chestnut House in Cambridge, The Walls in Southampton, St James House in Glasgow and Union Square and Stepney Yard, both in Newcastle.
In a new joint venture with Round Hill Capital, the six-asset portfolio will be managed through Round Hill's operational brand, Nido Collection.
The deal is the first for Starwood in the UK student housing sector, who already own nearly 7,000 student beds in the US.
Commenting on the deal, the company's head of European acquisitions Zsolt Kohalmi said: "We believe that the UK is and will continue to be one of the top educational destinations for international students.
"We are excited to work with Round Hill Capital and Nido as our partners on this investment, which boasts assets in superb locations and strong student markets."
In addition to the existing six schemes the joint venture has also entered into a forward funded deal for the acquisition of a development scheme in Newcastle, which is expected to be delivered in time for the 2018-19 academic year.
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