Tokoro Capital, together with their vertically integrated student management business, Homie, and GCM Grosvenor, have established a long-term strategic partnership targeting U.K. student housing assets.
The vehicle is supported by £75 million (€86 million/$102 million) of commitments from GCM Grosvenor, a global alternative asset management solutions provider with $87 billion of assets under management, providing £200 million (€230 million/$272 million) of investment capacity post leverage. The vehicle will focus on acquiring and repositioning traditional houses of multiple occupancy (HMOs) and first-generation purpose-built student accommodation (PBSA), targeting domestic students at more affordable rental levels than traditional, highly amenitized PBSA.
The U.K. PBSA market has grown significantly over the past two decades, evolving from a niche subsector into a mainstream institutional asset class. A combination of rising build-cost pressures and strong inte
