Harrison Street Asset Management (HSAM) has sold two purpose-built student accommodation (PBSA) assets in Bristol to Ottoway Portfolio Holdings.
The deal comprises two adjacent PBSA buildings, Print Hall and Unity Street, totalling 491 beds.
Print Hall opened in 2017, while Unity Street was delivered in 2019.
Unity Street, Bristol
Developed in partnership with joint venture partner Global Student Accommodation, the assets offer a mix of studios and single en-suite bedrooms within cluster apartments
Located near the University of Bristol and the city centre, the properties benefit from proximity to key academic institutions and the city’s shopping district.
Paul Bashir, chief executive, Europe Real Estate at Harrison Street Asset Management, said: “This transaction reflects the attractiveness of high-quality student housing as an asset class, and the continued global demand for alternative real estate in institutional-grade portfolios amid a more selective investment environment.
“We are proud of the European business we have built and remain focused on sourcing opportunities that can generate durable value for our investors across market cycles.”
HSAM is one of the largest private owners of student accommodation globally, having invested €2.8 billion in European PBSA since 2015.
The current portfolio consists of 63 student housing properties totalling over 21,600 beds across the UK, Ireland, Spain, Italy, Germany and France.
Since its latest acquisition, Ottoway’s UK student portfolio now has more than 5,500 beds.
Gareth George, managing director at Ottoway, added: “The acquisition of Print Hall and Unity Street represents a strategic addition to the Ottoway platform, delivering immediate scale in a structurally undersupplied market and enhancing the quality and resilience of the Fund’s income profile.
“Bristol is one of the UK’s most established university cities, underpinned by a prestigious academic institution, a growing student population, and persistent supply demand imbalance.
“This investment exemplifies our strategy of targeting, well-located PBSA assets in academically strong cities, where we can generate durable cashflows and long-term value.
“As we continue to selectively deploy capital into core university markets, Ottoway is further cementing its position as a partner of choice for students and universities alike.”
CBRE advised the seller on the transaction.
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