Brighton PBSA Purchased by Barings LLC

Global investment management firm Barings LLC has agreed on the forward purchase of a purpose-built student accommodation scheme in Brighton in a deal worth £43.7m.

The Crown House development is due for completion in July 2022 and will comprise 183 beds alongside a fitness suite, games room, private study areas and various communal spaces including a dinner party room.

The 57,000sq ft building was purchased from Studious Investment Management, which has expanded its Environmental, Social, and Governance (ESG) Criteria including retention of the embodied carbon in its existing frame.

Head of UK real estate transactions and managing director at Barings, Darren Hutchinson commented: "This has been our second student accommodation acquisition in the UK in the past year and we continue to have a substantial and growing appetite for further investments in the sector.

"Of particular interest are cities where supply remains constrained, the local economy is well diversified and robust, and there is a proven depth of occupier demand.

"We are interested in the full risk spectrum ranging from value-add to core, be it new developments or refurbishments."

Sevi Rixson, the managing director at Studious Investment Management added: "Like many of our previous residential and student accommodation investments and developments, we are delighted to be delivering another superb asset, reinvigorating a building and a micro-location and delivering to top tier institutional quality and ESG standards.

"Studious Investment Management continue to build on the £300m+ of student accommodation assets developed and will be actively acquiring and investing in existing and new build assets in the core living sectors."