Major student accommodation scheme sold in £70m deal

One of the UK’s biggest student accommodation providers has snapped up a major city centre scheme in a £70m deal.

Private equity-backed IQ Student Accommodation have bought Jensco’s Ten Traffic Street development, which is made up 522 rooms across two blocks. It opened in September of last year and is 99% let.

Nigel Bobroff, co-founder of The Jensco Group, said: “Jensco is proud to have delivered an exceptional PBSA development in a vibrant city centre location, close to two world-class universities. Adjacent to the University of Nottingham’s new Castle Meadow campus, the scheme has been extremely successful since opening in September 2022 and we are delighted to have sold the asset to leading PBSA operator iQ Student Accommodation.”

Harris Associates acted on behalf of Jensco for the disposal.

Jamie Harris, the head of student accommodation at Harris Associates, said: “The sale of Ten Traffic Street, one of the first PBSA asset disposals in 2023, demonstrates the resilience of the PBSA sector.

“We are delighted that Harris Associates were trusted by Jensco to deliver a market-leading transaction. High-quality PBSA assets continue to be extremely popular with investors thanks to a continued growth in student demand and a lack of high-quality supply.”