Tristan Capital Partners’ CCP 5 Fund along with its joint venture partner, Bricks Group, has acquired a 999-bed purpose-built student accommodation asset in the city of Liverpool from Aura Investors for £110 mln (€126 mln).
This latest acquisition expands the joint venture’s PBSA platform to over 2,100 beds located in Birmingham, Manchester/Salford, Glasgow, and now Liverpool – all managed by Bricks’-owned platform, true student.
Kristian Smyth, managing director at Tristan Capital Partners, said: ‘The underlying quality of the asset coupled with the growing demand from both domestic and international students in Liverpool made this a compelling addition to our UK PBSA strategy. We are focused on investing in both operating assets and de-risked developments across the UK with an objective to create a £750m+ platform in the short to medium term.’
Peter Prickett, founder and CEO of Bricks Group, said: ‘It’s testament to the strength of the partnership that we’ve quickly secured our largest PBSA asset in the internationally renowned city of Liverpool. And this is just the beginning for our JV and its mission to scale the true student brand at pace.’
The JV was advised by BCLP, Knight Frank, PWC, Workman, Longevity and Tiger Lime.