Renslade House PBSA in Exeter sells for £34m

Knight Frank, on behalf of its client - Uavend - sells Renslade House, a PBSA asset in Exeter for £34m to Brookfield.

Renslade House, Exeter, was sold by Knight Frank on behalf of Uavend to one of Brookfield’s private real estate funds | PBSA News
Renslade House, Exeter, was sold by Knight Frank on behalf of Uavend to one of Brookfield’s private real estate funds.

Property development and investment company – Uavend – completes the sale of Renslade House, a purpose-built student accommodation (PBSA) asset in Exeter for £34m. Global property consultancy Knight Frank’s Student Property team acted for Uavend in disposing of the asset to one of Brookfield’s private real estate funds.

Renslade House was recently converted – the main contractor, Connor Construction (Watford) Ltd transformed the building into market leading student accommodation for its residents, with a community-focused design and high level of service. The development was completed for the start of the 2019/20 academic year. Renslade House is fully let for the 2021/2022 academic year and has already achieved close to full occupancy for 2022/2023.

“Renslade House marks the fourth student housing property acquired as part of our core plus strategy and is exemplary of our focus on high-quality accommodation in Russell Group cities with superior amenity offerings. The strong pre-leasing activity for the 2022/2023 academic year underscores the sector’s resilient fundamentals and we are pleased to expand our portfolio in this space.”

Michael Fuller, Managing Director and Head of Brookfield’s European Core-Plus Program 

Renslade House includes 268 bedrooms finished to an extremely high specification. The PBSA scheme includes an extensive range of onsite amenities – including a gym, cinema room, games area, a resident’s lounge, TV area, study rooms and onsite laundry facilities.

“Renslade House is a best-in-class PBSA scheme with exceptional amenity provision. This latest deal further demonstrates the continuing appeal of the sector to investors. Knight Frank is delighted to have brokered the deal on behalf of our client Uavend.”

Luke Shackleton, an Associate in the Student Property team, Knight Frank

The PBSA development is under 1.5 miles from both the University of Exeter and Exeter College. The scheme is also a short distance from Exeter Quayside, Exeter Cathedral and the city centre, with comprehensive public transport links from the property.

“We would like to thank everyone who has been involved in this project. Under the superlative management of Prestige Student Living, and through their ‘Homes For Students’ brand, Renslade House has consistently over performed year on year, and we are sure that it will continue to do so for its new owner, Brookfield.”

Leigh Brown, Chief Operating Officer, Uavend