Knight Frank has brought a significant purpose-built student accommodation (PBSA) portfolio to market – seeking offers in excess of £84.1m for the freehold interest of The Trium portfolio – a trio of assets located in Durham, Southampton and Exeter. Knight Frank is acting on behalf of Maven Capital, IP Investment Management and Glenmore Group.
The trio of PBSA assets are located in some of the UK’s top performing Russell Group university cities. The schemes – Duresme Court in Durham, Stanley Studios in Southampton and West Gate in Exeter – total 619 studios and apartments.
“The Trium Portfolio provides an excellent opportunity to secure three best-in-class schemes with exceptional amenity provision. Each of the properties occupies a prime micro-location within its respective student market; we believe this will make the portfolio highly compelling for a range of investors.”Rachel Pengilley, a Partner in the Student Property team, Knight Frank
The first in The Trium Portfolio is Duresme Court in Durham – which opened in September 2018. The scheme includes 276 studios arranged over nine room types across six blocks. Located 1.6km from the city centre, Duresme Court has a strong historical letting performance.
In Southampton, Stanley Studios is a 245-bed brand new PBSA property that is opening for the first time in the 2021-22 academic year. The scheme includes 177 studios and 68 two-bedroom apartments. Students benefit from onsite amenities including a gym, games room, cinema, private dining room, communal lounge and roof terrace.
West Gate a short distance from Exeter city centre. Offering 98 student beds arranged across 91 studios and seven duplex rooms, students enjoy excellent room specification and size. This scheme in The Trium Portfolio is located to the west of Exeter University’s Saint Luke’s campus, which is close to key transport links – Exeter Central train station and Princesshay, Exeter’s primary retail district.
“According to Knight Frank, transactions in the UK’s PBSA market surged at the end of 2020, resulting in £5.91bn of assets being traded last year. The sector has consistently shown resilience in times of economic uncertainty thanks to a unique occupational market driven by the quality of the UK’s higher education system.”Rachel Pengilley, a Partner in the Student Property team, Knight Frank