Tristan Capital Partners‘ CCP 5 LL fund and Bricks Group have launched a joint venture partnership incorporating the £400m acquisition of six UK-based, purpose-built student accommodation (PBSA) assets by the investment management boutique.
The six assets comprise 2,753 beds across the cities of Birmingham, Glasgow, Leicester, Swansea, and Manchester (Salford). Bricks Group’s asset management team will be retained to oversee the portfolio, while its true Student platform will continue managing the developments.
The joint venture is actively assessing further opportunities in the sector with an ambition to grow the portfolio to £750m over the next five years.
Kristian Smyth, Executive Director at Tristan Capital Partners, said: “Our partnership with Bricks Group comes at an exciting time in the PBSA sector. We share an ambition to scale up our JV in the short term through a combination of acquisition of operating assets and de-risked development of new schemes across the UK. Through our Core Plus CCP 5 LL Fund, we are well positioned to execute in this attractive growth sector as we look to grow the platform to £750m in the coming years.”
Peter Prickett, Founder and Chief Executive Officer at Bricks Group, said: “With our aligned culture and brand focus, there are super exciting times ahead for the joint venture. Together we’ll make a powerful and positive impact on the student experience with a continued focus on the evolving PBSA sector.”