268-Bed PBSA Asset in Exeter Sold for £34m

Private equity firm Brookfield has acquired a 268-bed PBSA asset in Exeter for £34m.

Sold by property development and investment company Uavend, the Renslade House accommodation block offers a number of onsite amenities including a gym, study spaces, a cinema room, a games area and laundry facilities.

Originally constructed for the start of the 2019/2020 academic year, Renslade House was fully let for 2021/2022 and is close to full occupancy for the coming academic year. The building is currently operated by the Homes for Students brand, Prestige Student Living.

Managing director and head of Brookfield's European core-plus program, Michael Fuller, commented on the purchase: "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."

Chief operating officer at Uavend, Leigh Brown, stated: "We would like to thank everyone who has been involved in this project. Under the superlative management of Prestige Student Living, and through their 'Homes For Students' brand, Renslade House has consistently overperformed year on year, and we are sure that it will continue to do so for its new owner, Brookfield."

Knight Frank acted on behalf of Uavend in the transaction.