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Corvette Capital and Crown Student Living Enter JV

Posted by Calum Martin in , ,

Image courtesy of Flickr, Creative Commons

Corvette Capital has made its first venture into the PBSA market, partnering with Crown Student Living.

The joint venture aims to deliver four student accommodation sites, providing an additional supply of over 2,600 beds.

Split across Birmingham, Bournemouth, Leicester and Nottingham the four projects have an estimated gross development value of approximately £400m.

The first site to commence construction is located in Nottingham. The 426-bed scheme is eyeing a completion date in time for the 2023/24 academic year.

Elsewhere the Bournemouth scheme has already been granted planning permission and is expected to be ready in time for the 2025/26 student intake.

Each scheme will boast modern amenities including gyms, cinema rooms and study spaces. Student accommodation specialists CRM students will operate the schemes on completion.

Corvette Capital was founded in 2019 by Paul Bentham and Simon Gordon. It is the company's first investment in the UK PBSA market.

Crown student living has extensive experience in the student accommodation market, having recently sold the Jewel portfolio of three PBSA schemes for over £200m.

Founded in 2008, Crown has developed a number of accommodation schemes in various UK cities including; Bristol, Cardiff, Norwich, Portsmouth, Reading and Swansea.

Co-founder of Corvette Capital, Simon Gordon, commented: "The PBSA market continues to grow as those studying at British universities increasingly choose safe, well-equipped and socially supportive places to live and study.

"Working with such great partners as Crown and finding excellent sites in leading university cities, gives us great confidence as we expand into this exciting sector."

Alan Pulver, a director at Crown Student Living, added: "Partnering with such a forward-looking business as Corvette Capital will enable us to grow our portfolio of high-quality purpose-built student accommodation, serving a market that we have seen grow and expect to expand further."

Brotherton Real Estate aiding the structuring of the joint venture and will continue to support the partnership.