US-based Harrison Street Real Estate Capital has launched another student-focused joint venture with the Global Student Accommodation Group (GSA), kicking off with the purchase of a 350-bed residence in central London.
Financial details were not disclosed, but PropertyEU understands the deal for The Curve in London's Whitechapel district was clinched from a fund managed by LaSalle Investment Management for £83 mln (€96 mln).
The deal comprises the long leasehold for the asset, which was built in 2012. It comprises 266 studios and 84 en-suite bedrooms and serves multiple university campuses, including the London School of Economics, King's College London and City University.
The venture between the firms plans to fully refurbish the asset. LaSalle purchased the property in 2014 for £60.3 mln.
'While London maintains its reputation for having some of the best academic institutions globally there will continue to be high demand for world-class purpose-built student accommodation from both domestic and international students, and we’re delighted to continue our longstanding partnership with Harrison Street,' said Nicolas Porter, GSA's executive chairman.
The latest initiative follows the launch of a €750 mln partnership in April between the two firms to invest in student accommodation in Spain. Previous student-focused joint ventures have built multi-million portfolios of assets in Ireland and the UK.
'We look forward to growing our global student housing platform across leading European markets,' commented Rob Mathias, head of international business for Harrison Street.