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Wembley Park PBSA Site Acquired by Greystar

Posted by Aisling Murphy in

Image courtesy of Flickr, (View licence)

Greystar Real Estate Partners, LLC is a a global leader in the investment, development, and management of high-quality rental housing. This week they acquired a PBSA site on behalf of their pan-European residential fund GEPE.

The site is located at Wembley Park in North London, four minutes walk from Wembley Park tube station. It benefits from planning permission for a 770-bed PBSA scheme.

Quintain obtained planning approval for the site in December 2022, as part of the wider Wembley Park regeneration programme. It was sold to Greystar for an undisclosed sum.

Planning permission consists of 20-storeys and will include amenities such as lounges, a gym, a screen room, a games room, private dining space, communal study areas, spaces for socialising, cycle storage spaces, and external gardens.

Development will begin immediately, and some of the residence will be ready for occupancy in September 2025.

Greystar have stated that they plan to operate the property under their Canvas brand, which already operates a 283-bed scheme in the area.

Ben Mowbray, senior director of UK student investment at Greystar, said: "The PBSA sector is undergoing a period of resurgence after the disruption of Covid-19, and this can clearly be seen in the UK, where demand continues to outstrip supply.

"In London, the UK's largest student market, university applications are now at seven times pre-pandemic levels, and we expect a PBSA shortfall of 178,000 beds in the capital alone.

"The Wembley Park scheme is one of the few developments in London under construction, and the strategic acquisition expands our presence in north-west London, where we successfully operate Canvas Wembley.

"With a portfolio of over 120,000 student beds globally, we are well positioned to leverage the opportunities ahead in PBSA - one of our highest conviction investment strategies globally."