Bricks Group and CCP 5 LL launch PBSA JV

Bricks Group and CCP 5 LL announce the launch of a new purpose-built student accommodation (PBSA) joint venture targeting a £750m portfolio.

Student accommodation development in Swansea - Bricks Group | CCP 5 LL | Tristan Capital Partners | true Student | PBSA News
Student accommodation development in Swansea.

Bricks Group and CCP 5 LL, a fund managed by Tristan Capital Partners announce the launch of a joint venture (JV) incorporating the £400m acquisition of six UK-based, purpose-built student accommodation (PBSA) assets by the new partnership.

Bricks Group was advised by Franklin Bay, Knight Frank, and Pinsent Masons for the recapitalisation and sale of the six assets deal. Tristan Capital Partners was advised by BCLP, Workman, PWC, Savills, TigerLime and Longevity.

“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.”

Peter Prickett, Founder and Chief Executive Officer, Bricks Group

The six acquired assets total 2,753 student 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.

true Student is a multi-award-winning, hospitality oriented, all-inclusive student accommodation brand which is led by a unique mix of experts from across the student accommodation, hospitality and property development sectors. The brand is primed for growth, with a retention rate over double the industry average and almost 100% occupancy across the portfolio.

“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.”

Kristian Smyth, Executive Director, Tristan Capital Partners

The joint venture is also actively assessing further opportunities in the PBSA sector with an ambition to grow the portfolio to £750m over the next five years.

Bricks Group is an independently owned property business with a portfolio of services and brands across development, brand management and investment. The Group operates in the student, hotel and residential living sectors via its own brands and has developed over £500m of assets. It also recently expanded into the food and beverage and fitness sectors as part of the Group’s growing ecosystem of complementary brands, while also presenting opportunities for the brands as stand-alone businesses.