Harris Associates has delivered another record-breaking transaction by advising Fusion Students on its £1.5bn joint venture with Cain International – the largest purpose-built student accommodation (PBSA) transaction so far in 2022. The agency brought Cain International into the market through a robust and long-standing relationship with the fund.
Alongside last year’s £315m acquisition with Lone Star, this transaction represents another Harris Associates introduction of a major global fund into the PBSA sector – significantly bolstering the student marketplace.
“Fusion Student’s £1.5bn joint venture with Cain International demonstrates the global appeal of the UK student housing market, as its rapid growth continues unabated. The sectors underlying dynamics make the PBSA sector a natural home for private equity funds and institutional capital.”Jamie Harris, Head of Student Accommodation at Harris Associates commented
The pipeline comprises over 3,000 student bed spaces in locations which include Liverpool, Portsmouth, Nottingham, Birmingham, Manchester and London. The aim is to develop the platform to over 9,000 student beds across the UK’s major metropolitan cities. These market-leading assets will also include a variety of amenities such as basketball courts, gyms, cinemas, sky lounges, games rooms, karaoke rooms and private dining areas.
“In the last 12 months Harris Associates have expanded the market, culminating with this £1.5bn joint-venture with Cain International. Another example of how Harris Associates have been invaluable in introducing and forming a market-evolving transaction.”Nigel Henry, Co-Founder, Fusion Students
As the only boutique agency in PBSA, Harris Associates provides a curated and targeted approach to new transactions. The agency’s growth in the sector continues unabated following a transformational 2021, with Harris Associates clocking the years’ biggest transaction plus fastest growth rate (value & % terms). With vision and a personalised strategy to each client, the company has become a cornerstone of the PBSA industry – The New Home of Student Accommodation.