Heitman Acquires Three UK PBSA Assets for £70m

Real estate investment firm Heitman has acquired three purpose-built student accommodation assets from Alumno in a deal worth around £70m.

Two of the assets forming the deal are a 71-bed PBSA scheme close to the University of Sussex, as well as a yet to be completed 60-bed development between the University of Brighton's city and Moulsecoomb campuses.

The other asset is a 411-bed student accommodation block in Leeds.

Heitman's managing director of European real estate investment Caleb Mercer commented: "We are pleased to work with a top-tier developer such as Alumno Group on these high-quality student housing assets."

"Importantly, despite Covid-19, purpose-built student accommodation remains in demand and has experienced steady occupancy gains each year since 2020, and we expect that trend to continue as students seek greater convenience and a higher quality of life."

Founder and managing director of Alumno, David Campbell added: "We are delighted to be working with Heitman and welcome the opportunity to build on our strong track record in the sector. Working with such a well-regarded and renowned international investment company is a significant milestone for our company and we look forward to developing a long-term partnership."