Starwood Capital enters U.K. student housing market
Starwood Capital Group and Round Hill Capital have acquired, through a new joint venture involving controlled affiliates, an operational portfolio of six modern, purpose-built, premium student housing assets across the United Kingdom. The total purchase price for the portfolio was approximately £120 million ($146 million).
“Starwood Capital has an established platform of student housing in the U.S., with 6,855 beds under management. And based on our strong performance and track record, we are keen on expanding our footprint in this sector in the United Kingdom,” said Zsolt Kohalmi, head of European acquisitions at Starwood Capital Group, in a statement.
As part of the transaction, the joint venture also has entered into a forward funding agreement for the acquisition of a development scheme in Newcastle.
The direct-leased properties are in central locations in top university cities across the United Kingdom. The portfolio