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UK and European investor duo buy 393-bed student scheme in Belfast
A UK and European investor duo have bought a 393-bed purpose-built student accommodation (PBSA) scheme in Belfast, Northern Ireland.
A UK and European investor duo have bought a 393-bed purpose-built student accommodation scheme in Belfast, Northern Ireland #UKhousingLondon-based investor Curation Capital has bought Alma Place as part of its second joint venture with European investor Patron Capital. Alma Place is the partners’ first acquisition in Belfast.
The scheme was completed in 2022 and is located close to Queen’s University Belfast and Ulster University. Curation Capital said the scheme benefits from strong underlying student demand.
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Across both joint ventures, Curation Capital and Patron Capital now hold more than 1,800 beds across seven PBSA schemes in Russell Group university locations.
Curation Capital, backed by the Steyn Group, specialises in the living sector, with PBSA and build-to-rent forming the core of its investment strategy.
Patron Capital was founded in 1999 by Keith Breslauer, a former executive vice president of Lehman Brothers. The company is based in London, Luxembourg and Spain. It represents €5.4bn (£4.68bn) of capital across property, distressed debt and credit-related businesses.
Michael Haverty, partner at Curation Capital, said his organisation is “actively seeking further opportunities in supply-constrained PBSA markets that continue to offer affordable solutions for students”.
Patrick Anderson, global head of real estate at Steyn Group, said: “We continue to believe PBSA represents a compelling investment opportunity in strong locations, supported by resilient demand fundamentals and long-term demographic trends.”
Earlier this month, Inside Housing Living revealed the identity of an unnamed real estate investor that bought 1,300 student homes across the UK.
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.
In a separate development, plans were submitted to develop a mixed-use scheme with up to 600 build-to-rent homes in Belfast.
In December, Australia’s biggest pension fund bought a 1,616-bed UK student housing portfolio for its new UK living platform.
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