Ares Management Corporation and Generation Partners announce that the joint venture between a fund managed by the Ares Real Estate Group and Generation has acquired two new purpose-built student accommodation (PBSA) assets – Hox Park and Toybox – from Moorfield. The transaction further expands the portfolio following the acquisition of six assets in Cardiff, Exeter, Glasgow, Dublin and Galway.
The acquired PBSA schemes – Hox Park in Egham and Toybox in Birmingham – total 789 beds. Both schemes are equipped to offer students a high level of amenity, including private gyms, wellness centre, parcel lockers, café space, car parking facilities and dedicated social and study spaces.
“Student accommodation is a key growth sector for Ares. We believe that these two assets offer strong entry points into two attractive university markets and that they fit in well within our strategy.”Wilson Lamont, Partner and Co-Head of European Real Estate Equity in the Ares Real Estate Group
Hox Park and Toybox will be added to the Here! Student Living brand which was launched in November 2021 by the joint venture. The brand currently sits over Ares and Generation’s six existing operational assets, which are fully occupied for the 2021/2022 academic year and are letting quickly for next year.
The Here! Student Living brand reflects Ares and Generation’s commitment to delivering exceptional university living experiences for students across some of the UK’s most popular university cities. Offering bespoke internal and external amenities, Here! focuses on creating unique and engaging community environments reflective of students’ dynamic needs. These modern student living spaces include social study areas, gyms, private dining rooms, fully equipped music rehearsal spaces and other high-quality amenities.
“We are excited to add the Hox Park and Toybox assets to the growing Ares Generation portfolio. Both buildings are highly specified and are serving undersupplied markets where we anticipate student demand will continue to grow.”Alan Artus, Chief Executive, Generation Partners
Ares and Generation are engaged in more acquisitions, including a development site in Leeds which is expected to completed in Summer 2023. Once completed, the portfolio will include over 3,500 student beds.