Arlington Investors has announced the acquisition of two student accommodation portfolios for a combined total of £124m (€160m). The acquisition is Arlington’s third portfolio purchase in the sector, which takes its holdings to 7000 beds and a total investment of £450m (€583m) in this asset class.
The transaction builds on a successful partnership with Campus Living Villages (CLV), one of the world’s largest owners and operators of student accommodation. The partnership previously acquired more than 4,500 beds from the portfolio of the former Opal Student Property Group in a £245m (€317m) transaction in February 2014 and a further 400 beds from Goldsmiths, University of London, in September 2015.
The two portfolios, acquired from Spectrum Housing Association and Sanctuary Students, comprise seven assets totalling 1,450 beds across Birmingham, Cheltenham, Exeter and Gloucester. The acquisition also includes a development site in Birmingham, which has consent for the delivery of a 492-bed development. Arlington expects the development to be complete and operational in time for the start of the 2018/19 academic year.
