Investors - NOVEMBER 16, 2020

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Harrison Street and Torsion Developments form JV to develop U.K. PBSA

by Released

Harrison Street and Torsion Developments (TDL) have formed a joint venture to develop and acquire purpose-built student accommodation (PBSA) assets across the United Kingdom. The joint venture has identified a pipeline of attractive PBSA assets, which, if closed, would be comprised of approximately 3,000 beds and a total project cost of £200 million (€223 million/$264 million), across key U.K. markets.

The joint venture also announced its first acquisitions: Pine Mill, a 361-bed PBSA in Lincoln; and Curzon Circle, a 290-studio PBSA in Birmingham. Each property will offer complete bed-bath parity and top-tier amenities, including outdoor spaces, lounges, and bicycle storage, and will be managed by Torsion Students, a best-in-class manager of PBSA assets. Pine Mill is scheduled to be completed ahead of the 2021–2022 academic year and Curzon Circle ahead of the 2022–2023 academic year.

Paul Bashir, CEO of Harrison Street’s European business, said, “Birmingham a

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