JV swoops for Salford student block in £68m acquisition

A 457-bed purpose built student accommodation (PBSA) site in Salford has been acquired for £68m.

Bricks Group and Tristan Capital Partners’ CCP 5 Fund have acquired the asset in another step in the joint venture’s journey to establish a £750m+ platform in the UK PBSA market.

The joint venture, which was established in 2021, now controls 2,571 student beds across five assets in the major student hubs of Liverpool, Glasgow, Birmingham, and Salford.

Catering to students from both the University of Manchester and University of Salford and managed by true student, Bricks Group’s platform, the new 14-storey true student Salford Two development, looks out over MediaCity and is the group’s second acquisition in the city.

Opening this month, it will provide views across the Manchester skyline and Salford Quays and will offer spacious studios and apartments, high spec features and furnishings and new pod-style bathrooms.

Residents will also have access to a panoramic roof-top terrace, a ‘Sky Sanctuary’ communal study space on the top floor and a multi-purpose festival zone at reception level.

Pete Prickett, founder and CEO of London-based Bricks Group, said: “Salford has one of the fastest growing student populations in the country and demand for high quality PBSA in the area is sky high.

“Months ahead of completion, this great asset had already reached 100 per cent occupancy, which is testament to this high demand but also the growing popularity of our true student properties and the unique experience they offer our student guests.

“It’s exciting to see our JV with Tristan Capital Partners go from strength to strength and we look forward to developing this collaboration further.”

Kristian Smyth, managing director at London-based Tristan Capital Partners, said: “UK PBSA continues to be one of our high conviction investment themes and we are delighted to add this high quality asset to our existing platform. Our stated ambition is to grow this platform to £750m+ and we are actively pursuing new opportunities that will help us achieve this objective.”

Bricks Group worked with Pinsent Masons on the deal, while Tristan Capital Partners were advised by BCLP; Workman; PWC; Longevity; Knight Frank; Tiger Lime.