Harrison Street Real Estate Capital has signed a partnership agreement with Uliving to invest in purpose-built student accommodation properties in the UK.
The two companies have finalised agreements on their first project, a new £40 million (GDV) student accommodation development in Birmingham’s city centre.
It will be
Harrison Street Real Estate Capital, one of the largest owners of student housing in the US and Europe, while Uliving develops and operates student accommodation across the UK.
UBS Asset Management is providing senior debt funding through its real estate debt fund, the UBS Participating Real Estate Mortgage Fund (UBS-PREMF), while Harrison Street is the majority equity investor.
Uliving’s partners Bouygues Energies & Services and Bouygues UK will provide facilities management and construction services.
Daniel Gorzawski, managing director and head of Europe at Harrison Street, said: “Partnering with best-in-class operators to invest in high-quality student accommodation projects is a key element of our strategy.
“This is a first-rate scheme in an excellent location and we look forward to a successful, long-term relationship with Uliving and UBS.”
The development will be built on the site of Bath Court on Bath Row, ideally located for students studying at University College Birmingham, Birmingham City University and University of Birmingham campuses.
It will include 435 new student bedrooms and extensive facilities including a large, street-facing gym; an open-plan common room area with seating, games and television screens; two study rooms; a launderette; a dance studio; and a landscaped roof terrace.
Construction will begin in April 2018, with the first students set to move in for the 2020/2021 academic year.
“With its five universities and over 65,000 higher education students, Birmingham - Britain’s second largest city by population - is an increasingly attractive destination and the ideal location for this evolution in our product offering.”
Fabienne Viala, UK country director for Bouygues Construction and chairman of Bouygues UK, added: “Reaching financial close on this scheme highlights our collaborative approach and marks the beginning of a new relationship for Uliving with Harrison Street.
“It also brings together the diverse capabilities of Bouygues Construction in the UK, with Uliving, Bouygues UK and Bouygues Energies & Services all working together to bring this project to fruition and manage it over the long term.”
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