Ares Management Corporation (Ares) and Generation Partners (Generation) announce that a joint venture established by a fund managed by the Ares Real Estate Group and Generation have acquired purpose-built student accommodation (PBSA) assets – for £157.5m. Savills Capital Advisors acted as Financial Advisor to Ares and Generation.
“We are excited to partner with the Generation team on these attractive student assets and we look forward to identifying additional opportunities for further growth in this sector in the UK market.”Wilson Lamont, Partner and Co-Head of European Real Estate Equity in the Ares Real Estate Group
Combined, the PBSA assets will provide 1,359 beds in the cities of Exeter and Cardiff. The two assets were recently completed by Mace Developments – which provide high quality buildings with a wide range of room types. The schemes also have an excellent provision of internal and external amenity spaces in two very strong locations.
This new initiative by Ares and Generation is part of a targeted residential investment strategy that will focus on PBSA assets in the UK.
“Having been a major participant in the PBSA sector for the last two decades, including the creation of the Nido and Pure Student Living platforms, we look forward to working with the Ares team to assemble a significant portfolio focused on top tier cities and high-quality buildings.”Alan Artus, Co-Founder, Generation