CDL invests in UK student housing portfolio

CDL invests in UK student residence portfolio

Harrison Street has sold four purpose-built student housing properties in the UK to City Developments Limited (CDL)The transaction comprises four purpose-built student accommodation assets in Canterbury, Birmingham, Coventry, and Leeds with a total number of 1,657 beds. The assets were individually developed by Harrison Street European Property Partners II (vintage year 2017) alongside two joint venture partners –Linkcity and Crosslane Property Group – and ultimately packaged in a portfolio for sale. The portfolio produced an attractive return with a gross purchase price of €211.7m (£185m), which represents 33% more than cost basis. This disposition reinforces capital markets continued demand for demographic-driven real estate, despite the broader market slowdown.


Paul Bashir, Chief Executive Officer of Harrison Street Europe, said: “We are pleased to partner with the high-caliber team at CDL to complete the sale of these four, high-quality PBSA assets. Thanks to the hard work and execution capabilities of our team, the portfolio produced an attractive return in a difficult macroeconomic environment, demonstrating Harrison Street’s ability to identify assets that are backed by demographic-driven trends and exit through strategic portfolio sales. We will continue investing in PBSA assets across Europe with confidence given the attractiveness of these properties in the current market environment.” 

Related News