Deutsche Finance International (DFI), a London based boutique private equity real estate firm part of the Deutsche Finance Group, has announced the acquisition of Canterbury Student Manor, a new 386 bed purpose-built direct-let student accommodation asset in Canterbury, UK.
The asset was bought for an undisclosed sum from Tide Construction.
The transaction represents the third investment of the DFI European Value Add Fund and related co-investments, following the acquisition of Olympia London exhibition centre in April and a joint venture in a Spanish residential investment platform announced in July.
The asset is operational and located in Parham Student Village with close proximity to the amenities of the city centre and good access to both of the main universities: University of Kent (over 19,000 students) and Christ Church University (over 16,000 students).
'We are actively pursuing several student accommodation opportunities in select European markets where we see potential for sustainable growth alongside the sector’s inherently defensive characteristics,' said Gavin Neilan, co-managing partner and head of investments of DFI. 'The acquisition of Canterbury Student Manor allows us to acquire a modern purpose-built property, with opportunities to grow the income through active asset management in a market with positive fundamentals.'
The acquisition was financed by Deutsche Bank and DFI was advised by Amiri Capital, Langham Hall, Allen & Overy and Deloitte.
DFI, with over €400 mln of assets under management, is privately owned by its managing partners and Deutsche Finance Group, a global investment management firm active since 2005 with over €1 bn.