Cain International (Cain) and Menora Mivtachim (Menora) have announced the expansion of their strategic partnership, which will see Menora commit follow-on capital to accelerate the growth of Cain's Purpose-Built Student Accommodation (PBSA) equity platform in the United Kingdom.
Menora Mivtachim is Israel’s largest pension and provident funds group in Israel, with c. €81.9b in assets under management. Over the years, Menora Mivtachim has established a well-earned reputation as a credible, responsible and stable institution, servicing some two million customers professionally and reliably.
Building on the strength of their existing partnership, this new commitment will drive the development of high-quality PBSA projects and strategic acquisitions across key university cities in the UK. The platform already includes a portfolio of assets strategically located in major Russell Group cities such as Manchester, Leeds, York, Liverpool, and Nottingham, developed in collaboration with Olympian Homes and Fusion Students. Most recently, the firm expanded its footprint with the acquisition of St James House in Bristol, bringing the total gross development value (GDV) of the portfolio to c. €952m.
“As a strategic decision, we decided to enter into the PBSA market which has continuous growth in light of an imbalance between demand and supply. Adding another asset to the portfolio is an opportunity to strengthen our established partnership with Cain and expand our presence in a market where we see significant potential,” said Sheery Kishon, Head Real Estate Acquisitions at Menora Mivtachim. “We look forward to building on the strong momentum we’ve developed together.”
Oliver Cummings, Head of PBSA, Europe at Cain International commented: 'We are delighted to take another step in expanding our partnership with Menora, whose continued support will open up new opportunities as we build a platform of high-quality, amenity-rich PBSA developments that reinforce the UK’s status as a leading destination for global education.”
Image source - Cain.
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