Fresh – the UK’s leading third-party manager of residential for rent homes – has been selected by a joint venture established by a fund managed by the Real Estate Group of Ares Management Corporation (Ares) and Generation Partners to manage its first UK student accommodation investments. The two purpose-built student accommodation (PBSA) schemes were acquired earlier this week by the joint venture.
“I’m delighted that Fresh is the first choice of rental manager for Ares and Generation and that we have been entrusted with the joint venture’s first UK student accommodation investments. Fresh has worked with Generation since 2017, so the continuation of this relationship demonstrates the value of our specialist rental management skills and reputation for customer focus across our growing residential for rent portfolio.
“Despite ongoing disruption to the wider economy and society from the pandemic, the UK market for high quality rental homes in both student accommodation and Build to Rent is forecast to remain strong. Now, more than ever, people are seeking the lifestyle Fresh offers, with community, convenience, wellbeing support and comfort in great locations.”Jeremy Fletcher, Chief Executive, Fresh
The two PBSA schemes – West Wing in Cardiff which has 644 beds, and The Depot in Exeter which has 715 beds are currently operating. In total, these schemes will add 1,359 beds to Fresh’s growing portfolio. The addition of the two PBSA schemes raises the number of Generation’s sites managed by Fresh to nine, and Fresh’s total number of properties under management to 64.
“We are delighted to extend our relationship with Fresh Property Group as we embark on this new venture with Ares.”Alan Artus, Chief Executive, Generation