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18th Sep 2018
European real estate investment platform Henderson Park has joined up with real estate firm Hines to purse value-added investments in the European student accommodation market.
The move marks the second joint venture that the two companies have formed, following their acquisition of the Ledra Marriott hotel in central Athens in June.
The JV will embark on its first project to develop a 630-bed student accommodation development in Lancaster. The new scheme is already under construction and is due for completion in time for the 2019-20 academic year. The development will come equipped with a roof top lounge, study library, gym, and cinema.
Hines already has its own in-house operating platform, called Aparto. The portfolio features 13 student accommodation developments in the UK and Ireland, with a combined GDV of more than £500m.
Commenting on the latest joint venture, Founding Partner of Henderson Park, Nick Weber said: "This landmark development in Lancaster represents Henderson's Park's first entry into the student living market and the first for this new joint venture with Hines. Lancaster is one of the UK's top universities and has a large and growing population of domestic and international students but an acute undersupply of modern purpose-built student accommodation, which this investment will help address.
"We now look forward to working with Hines to source further interesting opportunities for future investment in this sector across a range of different European cities, where we believe there are also compelling underlying fundamentals."
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