Bidwells has advised on the sale of two student accommodation schemes in prime locations in a portfolio deal worth almost £40m.
Acting on behalf of Maven Capital Partners and IP-Investment Management, Bidwells’ Student Accommodation team agreed the sale of investments in Birmingham and Edinburgh to Kumpulan Wang Persaraan (Diperbadankan) ("KWAP").
Bristol Road in Birmingham was sold for £14.62m and The Mill House, Edinburgh, for £25.13m. The purchases are KWAP’s first student accommodation acquisitions in the UK.
Colin Summers, Partner, Capital Markets, Bidwells, said: “In the right locations, student accommodation continues to demonstrate a strong capital and income return profile. As a well matured alternative property asset class, it can easily outperform other traditional sectors and exceed investor return requirements.
“Overseas investors like IP Investment Management are an excellent example of the global interest in the UK student accommodation sector. To date, they have led the charge in funding new, direct let student accommodation developments. Going forward, we expect more UK based institutional funds to start following suit.”
Bristol Road, Birmingham is situated in the heart of the Selly Oak, the established student location within walking distance of the University of Birmingham. Built in 2016, the 103-bedroom scheme also provides an on-site cinema room, dinner party room, gym, study rooms, laundry, resident club lounge and secure bike storage.
The Mill House, Edinburgh is situated equi-distant from Edinburgh’s three main universities and is the closest purpose-built student accommodation to Heriot-Watt and Edinburgh Napier. Built in 2017, the scheme provides 257 bedrooms, in addition to a gym, common room, games room and laundry.
