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Exclusive: Mystery buyer of 1,300 student homes unmasked
Inside Housing Living can reveal the identity of an unnamed real estate investor that has bought 1,300 student homes across the UK.
Inside Housing Living can reveal the identity of an unnamed real estate investor that has bought 1,300 student homes across the UK #UKhousingA mysterious investor that purchased three purpose-built student accommodation (PBSA) schemes last month can be named as Nuveen, the giant US asset manager.
Nuveen has entered a joint venture with London private equity firm Orka Investments to acquire an initial 1,300 student beds, with plans to keep growing the portfolio.
The partnership was announced by Orka in a press release published on Monday (19 January), in which the firm said it had formed a joint venture with a “top five global real estate investor” to acquire a portfolio of student accommodation.
Orka did not reveal the name of its partner but said the joint venture had acquired three assets: ABeleven in Aberdeen, Globe Works in Birmingham and Foundry Courtyard in Glasgow.
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Inside Housing Living tracked Companies House documents, which revealed Chicago-headquartered Nuveen as the partner in the joint venture. Orka declined to comment on the findings. Nuveen was approached for comment.
The partnership was launched with three off-market acquisitions in December 2025, supported by a facility from Investec, creating an initial portfolio of 1,300 student beds.
Inside Housing Living understands the acquisitions are part of Nuveen’s value-add strategy. The asset manager hired Batih Van Leer and Stefano Rubini from Ares last year to build its value-add investments.
The portfolio is focused on affordability and proximity to key university facilities, as students navigate rising living costs.
The joint venture intends to scale its portfolio with further purchases targeting existing PBSA schemes in Russell Group university cities, where value can be added by refurbishing and creating affordable schemes in each submarket.
Upgrades include sustainability enhancements and investment in amenity spaces to ensure the schemes remain competitive within their respective markets.
Through refurbishing well-located schemes, the joint venture will seek to address structural undersupply in markets where new development has been constrained by planning pressures and rising construction costs.
According to Orka, the PBSA market has been experiencing higher volatility around the number of international students applying to UK universities. Meanwhile, rental growth is returning to pre-Covid long-term averages, creating new opportunities for investors and operating partners.
Raoul Malhotra, founder and chief executive officer at Orka Investments, said: “This partnership underscores our ability to source off-market opportunities that combine defensive income with meaningful value creation.
“UK PBSA continues to demonstrate exceptional resilience, and we are proud to align with one of the world’s most respected institutional investors and secure financing from UK leading PBSA lender Investec as we scale our platform.”
Nuveen is wholly owned by Teachers Insurance Annuity Association, a US teachers’ pension fund. As well as student accommodation, Nuveen is also active in UK affordable housing through its for-profit registered provider Preferred Homes. Inside Housing Living interviewed Preferred Homes in August 2025, to find out more about the extra-care provider’s growth plans and backers.
In December, Australia’s biggest pension fund, AustralianSuper, bought a 1,616-bed UK student housing portfolio. This marked its first portfolio acquisition for its new UK living platform.
Also last year, two London-based investors formed a joint venture to build a portfolio of 1,500 student homes across the UK with a target gross development value of £500m.
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