PGIM Real Estate acquires U.K. student housing portfolio from Unite Group plc

PGIM Real Estate has acquired a stabilized purpose-built student accommodation (PBSA) portfolio from Unite Group plc.

The portfolio consists of six properties, totaling just under 3,000 beds, located in Birmingham, Cardiff, Leicester, Liverpool, Nottingham and Sheffield. Generation Partners will act as the asset and development manager and its operational management arm, Now Student Living will be retained as the Property Manager. PGIM Real Estate intends to conduct a rolling refurbishment program across the entire portfolio to modernize the accommodation and to provide best-in-class facilities to better serve student needs when studying, socializing and residing in the property. The refurbishment programme will also enable material improvements to sustainability and energy efficiency via initiatives including passive measures (building fabric) that minimise the energy demand, refurbishment of plant to provide more energy efficient services and the introduction of on-site ren