CA Ventures has launched its new property management platform – Novel Student. The platform will be used to manage their growing purpose-built student accommodation (PBSA) portfolio in Europe. The Chicago based firm entered the European PBSA market in 2019, with plans to invest $625m a year in developing PBSA in the UK and Ireland.
CA Ventures will use its new platform to operate three of its Novel PBSA communities – projects backed by PGIM Real Estate and Edinburgh-based KR Developments who partnered with the firm. With a total of 897 beds due to be delivered for the 2021/2022 academic year, the three PBSA communities in Sheffield, Glasgow and Edinburgh that will be managed using Novel Student include:
- Hillside House at 86 Winter Street – a 250 bed PBSA community near Sheffield University and Sheffield Hallam University.
- Bridle Works at 350 Cathedral Street – a 422 bed PBSA community near the University of Strathclyde, the University of Glasgow and Glasgow Caledonian University.
- Silk Mill at 162 Dundee Street – a 225 bed PBSA community near Edinburgh Napier University and the University of Edinburgh.
“Despite challenges created by the COVID-19 pandemic, we know the European purpose-built student accommodation market will prove resilient as demand for housing continues to outpace supply and a growing number of students pursue a global education.
“Novel is positioned to enter the market at an optimal time for growth and — through CA’s development expertise and relationships with capital partners and stakeholders in each country — will quickly gain market share, setting a new standard for student accommodation across Europe.”Carlo Matta, head of Europe, CA Ventures
Amenities in Novel’s PBSA communities include onsite wellness spaces such as gyms and relaxation rooms, breakfast bars with complimentary coffee service, tea lounges, study and meeting rooms, karaoke lounges, gaming rooms and outdoor spaces with BBQ facilities and pizza ovens.
There will also be social and career events, and an onsite leasing manager, property manager and community assistants. Communal areas will include video door entry systems, dimmable lighting and integrated sound systems.