Barings, one of the largest diversified real estate investors in the world, has agreed to forward fund the development of two purpose built student accommodation (“PBSA”) buildings in strong locations in London and Manchester, on behalf of a value add investment strategy, for a total of £43.8 million.
Both properties are expected to be completed in time for the 2022/23 academic year and are being developed by Alumno, the award-winning specialist PBSA developer that has delivered over 8,000 student accommodation beds across the UK.
Once complete, the c 4,600 sq m development in London will comprise 143 beds across a range of en-suite rooms in cluster flats and studio accommodation. It is located on Bermondsey Spa Gardens, less than 10 minutes’ walk from the local Zone 2 London Underground station and with good access to a number of world renowned higher educational institutions.
The site in Manchester will be developed into a c.1,100 sq m building containing 62 studios. It is in a central location that is highly accessible by foot, bus and national cycle routes and sits within the campus of Manchester Metropolitan University, directly opposite the Faculty of Science and Engineering and within close proximity of Manchester University Campus.
Both properties, which are expected to achieve a BREEAM ‘Very Good’ rating, have been designed to a high quality modern standard and will provide excellent amenities including a managed reception, indoor and outdoor multi- functional common areas, bike storage, cinema rooms and high speed WIFI.
Source : Company