Covid-19 Impacts PBSA Valuation
27th Jan 2021
Global Student Accommodation (GSA) and Harrison Street have acquired two purpose-built student accommodation (PBSA) schemes in Bristol.
The joint venture partners have paid an undisclosed sum to buy the Print Hall and Unity Street from a UK pension fund, with HSBC proving bank debt for the acquisition.
Combined, the two sites contain a total of 500 beds, with Print Hall opening in 2017 and Unity Street in 2019. Both of the schemes are to be managed by GSA.
Commenting on the transaction, James Hunt, MD real estate, of GSA, said: "This transaction expands GSA's footprint in Bristol to support the city's strong and growing student market."
"We are now home to over 800 of the University of Bristol's students, and I am delighted to strengthen our existing ties with the University, one of the UK's leading academic institutions."
Rob Mathias, partner and head of international business for Harrison Street added: "This transaction is consistent with Harrison Street's approach of investing in high-quality PBSA assets in strong European markets. Bristol is a great university town, home to more than 46,000 students, with an additional 3,500 expected in 2023 following the University of Bristol's planned expansion."
27th Jan 2021
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