KKR has announced the acquisition of a high-quality portfolio of seven purpose-built student accommodation (PBSA) assets from Curlew Student Trust II (funded by clients of CBRE Investment Management) for approximately £230 million ($309 million).
The 2,179-bed portfolio serves students across seven U.K. cities with strong university presence. The properties were newly developed by Curlew Student Trust II with completion dates between 2020 and 2022. They feature primarily en-suite units, with excellent locations and attractive amenities. The portfolio has enjoyed strong demand with approximately 80 percent of units let to undergraduates and over 50 percent of units let to domestic students. The skew towards affordably-priced, high-quality schemes position the portfolio to benefit from record domestic enrolment in U.K. universities.
Inhabeo, KKR Real Estate’s living sector platform in Europe, will act as the asset manager for the portfolio.
