£400m partnership to move forward major student schemes
Huge student schemes in Birmingham, Nottingham, Leicester and Bournemouth are set to move forward thanks to a new Purpose Built Student Accommodation (PBSA) partnership.
Corvette Capital and Crown Student Living have joined forces to deliver the four student developments across the UK with a gross value of around £400m.
Corvette, a Milton Keynes-based investment company, has replaced the US REIT that previously backed Crown and says it will underwrite each of the new developments.
Initial planning permission has been secured for the Birmingham site and is expected to be ready for the 2025/2026 year. The location has not yet been confirmed, but Corvette Capital say the site will not be far from the main university.
Originally slated to include 356 beds, the block will now accommodate 426 after the initial plans were deemed “inefficient” and is expected to open in time for the 2023/4 academic .
The investor acquired the site of the former Gala Bingo Hall on St Ann’s Well Road, Nottingham in Q3 2021.
Scheduled to open ahead of the 2023/24 academic year, the scheme has a gross development value of £58m.
In Leicester, the new PBSA partnership is set to begin work on an enormous 700-plus-bed site worth £92m later this year.
Its location is yet to be revealed.
All of the halls will be operated by student housing specialist CRM Students.
Brotherton Real Estate helped to structure the joint venture and will continue to support the partnership in its debt raising for the projects.
Simon Gordon, co-founder of Corvette, said: “The purpose built student accommodation market continues to grow as those studying at British universities increasingly choose safe, well-equipped and socially supportive places to live and study. Working with such great partners as Crown and finding excellent sites in leading university cities, gives us great confidence as we expand into this exciting sector.”
Alan Pulver of Crown Student Living added: “Partnering with such a forward looking business as Corvette Capital will enable us to grow our portfolio of high quality purpose built student accommodation, serving a market that we have seen grow and expect to expand further.”
