View guides

BlackRock Acquires Development Site in Sheffield

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

BlackRock Real Assets has acquired another student accommodation development in Sheffield, bringing the total number of beds in its European Property Fund to more than 2,100 across five schemes.

The site, located in Bramall Lane, sits adjacent to the existing Sheffield asset acquired by BlackRock Real Estate in 2016 and will be developed to provide a further 190 student beds.

The additional student accommodation will be placed under a nominations agreement with Sheffield Hallam University. Its hoped the development will be able to benefit from operational efficiencies due its locality to the adjacent site, and will be developed and managed by Host-Students.

Ground works have already begun and the development is due to for completion in time for the 2018-19 academic year.

Its anticipated that the road, which currently separates both schemes, will be blocked off to the public and a glass canopy constructed to connect the two sites.

The investment represents the eighth acquisition for the fund since it was established, which has been funded by a broad range of institutional investors from 16 different countries. In total, the fund has invested EUR 700 million of its available EUR 1.75 billion capital.

Commenting on the latest acquisition, Thomas Muller, Portfolio Manager for BlackRock's European real estate business, said: "We are very pleased with the progress since the final close and I am particularly delighted to announce this latest acquisition in the UK market, which is reflective of our strategy to continue the aggregation of our student accommodation portfolio in the UK and Ireland. With well-located schemes in London, Dublin, Leeds and Sheffield we are creating a very attractive portfolio."