Published: Feb 22, 2022
Maven is delighted to announce the sale of three purpose built student accommodation (PBSA) developments to Brookfield Asset Management for approximately £94 million. Maven acted as development and asset manager on the Trium portfolio, consisting of Duresme Court in Durham, West Gate in Exeter, and Stanley Studios in Southampton, on behalf of IP Investment Management and Glenmore Group.
The sale generated strong investor returns, with the Southampton, Durham and Exeter developments delivering a 3.66x, 1.88x and 1.70x returns respectively on capital invested.
The three properties, consisting of a total of 619 beds, are all located in close proximity to some of U.K.’s most highly coveted Top 20 Russell Group higher education institutions with Durham University ranked 6th, the University of Exeter ranked 12th, and the University of Southampton ranked 15th. All 3 institutions have seen strong growth in student numbers over the past 10 years.
“Our strong track record in the market has seen us identify and deliver a number of high quality PBSA developments across the UK which have proven to be highly attractive for private and institutional investors. The sale of Trium portfolio is an excellent outcome for all parties and we are absolutely delighted with the returns that we have achieved for investors."
Andrew Whiteley, Partner at Maven
Brookfield entered the student housing market in 2016, and since then has grown to become one of the largest owners and operators of student housing in Europe with approximately 50,000 beds. It has also recently entered the U.S. student housing market through a joint venture with Scion Group. In the U.K., Brookfield owns Student Roost, which it has developed from a 5,000-bed portfolio in 2016 into the U.K.’s third largest PBSA provider with over 21,000 beds, a centralised operations platform and integrated growth capabilities.