Tristan Capital Partners and Bricks Group form new PBSA JV in the U.K.

Tristan Capital Partners’ core-plus fund, Curzon Property Partners Long-Life Fund (CCP 5 LL), has launched a joint venture with Bricks Group, involving the £400 million ($537 million) acquisition of six U.K.-based, purpose-built student accommodation (PBSA) assets.

The six PBSA assets, which comprise 2,753 beds, are located in the U.K. cities of Birmingham, Glasgow, Manchester, Swansea and Leicester.

The joint venture is actively assessing further opportunities in the sector with the goal of growing the £750 million ($1 billion) portfolio over the next five years.

“Our partnership with Bricks Group comes at an exciting time in the PBSA sector,” said Kristian Smyth, executive director at Tristan Capital Partners. “We share an ambition to scale up our JV in the short term through a combination of acquisition of operating assets and de-risked development of new schemes across the U.K.”

Bricks Group operates in the student, hotel and residential l