Student Housing Portfolio Acquired by Brookfield

Three purpose-built student accommodation developments, located in Durham, Exeter and Southampton, have been purchased by asset management company Brookfield for approximately $94m. The deal was brokered by UK real estate consultancy Knight Frank.

The 'Trium' portfolio is comprised of Duresme Court in Durham, Stanley Studios in Southampton and West Gate in Exeter and consists of 619 studios and apartments.

Brookfield has acquired the assets on behalf of one of its private real estate funds.

CRM Students alongside the Prestige Student Living brand from Homes for Students will continue to act as the operators for the PBSA schemes.

Managing director and head of Brookfield's European core-plus program, Michael Fuller stated: "The Trium Portfolio represents an attractive entry into student housing for our European core-plus strategy."

"The UK student housing market has remained resilient throughout the cycle, and these assets are well-positioned to benefit from continued strong demand for post-secondary qualifications from UK universities and a shortage of high-quality PBSA facilities. Leveraging our experience of owning and operating PBSA businesses, the portfolio will serve as a foundation for further acquisitions in UK cities with high-quality institutions."

Selina Williams, executive director at IPIM said: "The sale represents another profitable exit for our investors as we look to continue our strategy of developing institutional-quality PBSA in strong locations, before targeting an exit to long-term investors."

"We remain highly positive on the outlook for the UK PBSA sector which despite the challenges of the pandemic has again demonstrated its resilient characteristics."

Daniel Rubin, managing director of Glenmore Property, said: "Stanley Studios, Southampton has proven to be an excellent investment for Glenmore. We are delighted that the property achieved 100% occupancy in its first year with fantastic feedback from the students living there."

"We are equally delighted to have successfully sold the property on to Brookfield. We believe the outlook for the UK PBSA sector remains compelling and we look forward to extending our activities in this exciting market."

Rachel Pengilley, partner at Knight Frank's student property team said: "The Trium Portfolio comprises three best-in-class schemes with exceptional amenity provision. Each of the properties occupies a prime micro-location within its respective student market and the portfolio has attracted much investor interest."

"We're delighted to have brokered this significant deal between IPIM, Maven, Glenmore, and Brookfield."