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Sign in Sign up for a FREE subscriptionAres Management forms PBSA U.K. JV with Generation Partners
A fund managed by Ares Real Estate Group, a subsidiary of Ares Management Corp., and Generation Partners have formed a joint venture to acquire two student accommodation assets in the United Kingdom, providing a total of 1,359 beds in the cities of Exeter and Cardiff for £157.5 million (€183 million/$222 million).
The new initiative by Ares and Generation is part of a targeted residential investment strategy that will focus on purpose-built student accommodation (PBSA) assets in the United Kingdom.
The two assets, which were recently completed by Mace Developments, provide high-quality buildings with a wide range of room types and an excellent provision of internal and external amenity spaces in two very strong locations.
