Global PE firm backs major PBSA near the University of Warwick
Global private equity firm KKR has agreed to forward fund a 544-bed purpose-built student accommodation (PBSA) scheme near the University of Warwick.
KKR and its European living sector platform, Inhabeo, have backed the six-storey development, named Progress House.
PBSA developer Gilltown and main contractor Winvic will deliver the scheme on Westwood Way, replacing an existing office building on the edge of Westwood Business Park.
It will include a 4,000 sq ft commercial space on the ground floor, alongside study spaces, a gym, a cinema room, a games lounge, a garden lounge and an outdoor sports area.
Developers say the project will also deliver a local social value programme, which includes commitments to job creation, training opportunities, and working with local SMEs and social enterprises.
Construction is taking place in collaboration with Coventry City Council and is due to be completed in time for the 2027/28 academic year.
Seb d’Avanzo, managing director and head of real estate acquisitions for KKR in Europe, said: “We’re pleased to grow our student housing portfolio with Inhabeo by investing in this strategically located development scheme.
“This investment underscores the strength of our conviction in providing high-quality living spaces in undersupplied markets that enjoy resilient demand from top universities.”
Ross Netherway, CEO of Inhabeo added: “We’re delighted to add to our European living sector investments alongside KKR through this off-market transaction. Gilltown and Winvic have proven track records and we look forward to delivering this development with them.”
Mark Jones, managing director for Multi-room at Winvic said: “Coventry has a significant and vibrant student community at Westwood Business Park, with students choosing it for its location and social and academic facilities. Progress House will sit at the heart of this community, giving students a high-spec, sustainable and well-connected place to call home.
“We are pleased to be working in partnership with Gilltown to deliver high-quality accommodation and create a positive legacy in this student community. Seeing the creation of the social value element of this scheme come to life as well as the new facility itself, is something all parties are looking forward to. It’s a reflection of the Winvic Way ethos and our commitment to Doing It Right across all of our operations.”
James Gillespie at Gilltown said: “We are pleased to see work commence on this, our latest exciting PBSA development. Westwood Business Park is an ideal location for student housing and we are delighted to collaborate with Winvic Construction, whose expertise and dedication to quality make them an ideal construction partner.”
