A private real estate fund managed by Brookfield has bought a 268-bed student accommodation scheme in Exeter, Devon, from Uavend.
The firm has paid £34m for Renslade House, a scheme just 1.5 miles from both the University of Exeter and Exeter College that was completed for the 2019/2020 academic year. The scheme is fully let for the 2021/2022 academic year and has already achieved close to full occupancy for 2022/2023.
Michael Fuller, managing director and head of Brookfield’s European core-plus program, said: “Renslade House marks the fourth student housing property acquired as part of our core plus strategy and is exemplary of our focus on high-quality accommodation in Russell Group cities with superior amenity offerings.
“The strong pre-leasing activity for the 2022/2023 academic year underscores the sector’s resilient fundamentals and we are pleased to expand our portfolio in this space.”
Luke Shackleton, an associate in the student property team at Knight Frank, which advised on the sale said the deal “further demonstrates the continuing appeal of the sector to investors”.
To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews
