Knight Frank brings €78m UK PBSA scheme to market

Scape Living, which is backed by Dutch pension fund APG, has hired Knight Frank to sell a purpose-built student accommodation (PBSA) scheme in Brighton, UK.

The broker is guiding £67 mln (€78 mln) for the long leasehold interest in the asset, situated at 5 Circus Street. The scheme is currently let to Kaplan Brighton Ltd until September 2040.

5 Circus Street includes 450 high-quality student rooms – a mix of 81 studios, 366 ensuite rooms and three one-bed flats, alongside 1,130 ft2 of retail space which is currently occupied by White Cloud Coffee Roasters. The scheme is currently 100% let for the 2023/24 academic year.

'Brighton has one of the highest student ratios of all university towns and cities across the UK, with students making up 11.7% of the total population. Despite being one of the highest density student markets in the country, PBSA in Brighton only caters for around 34% of full time students – meaning demand heavily outweighs supply. As a result, schemes like this one offer an excellent opportunity for investors, and we expect to see strong interest following the launch,' commented Merelina Sykes, joint head of Student Property, Knight Frank.


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