Europa Capital JV launches new U.K. student accommodation fund
Europa Capital Partners, a real estate fund management group operating across Europe, and Generation Estates Limited have launched Europa Generation, a new joint venture created to manage a new U.K. student accommodation fund.
The Europa Generation Student Fund will invest in prime purpose built student accommodation throughout the United Kingdom. The acquisition strategy is focused on investment opportunities where the fund identifies potential for long-term sustainable income growth. The fund will acquire well located assets, through forward-funding of new developments, direct development and selective investment acquisitions.
“Europa Generation will provide investors with access to individuals with a first-class track record in the investment, development and operational management of PBSA assets across the United Kingdom,” said Tim Turnbull, partner at Europa Capital.
Europa Generation Student Fund has acquired an initial £165 million ($210 million) seed portfolio, comprising 1,705 beds in six schemes currently being developed by Watkin Jones Group, a developer of purpose built student accommodation in the United Kingdom. The assets are situated in Oxford, Bath, Newcastle, Sheffield, Aberdeen and Bournemouth. The schemes in Bath, Newcastle, Sheffield, Aberdeen and Bournemouth are due for delivery in time for the 2018 to 2019 academic year, while the Oxford scheme will welcome students for the 2019 to 2020 academic year.
The joint venture intends to build a portfolio of around 5,000 beds over the next few years with the new fund.
Since 1995, Europa Capital has raised 9 real estate funds collectively and committed to more than 105 transactions, totaling more than €9.5 billion ($10.6 billion) across 19 European countries.