Investment management firm – Harrison Street – and CA Ventures, an investment management company announce that their joint venture will develop a new purpose-built student accommodation (PBSA) scheme in Leeds. The scheme is expected to complete in the third quarter of 2024, at which point it will be managed by CA Ventures’ in-house PBSA management company, Novel Student.
The PBSA scheme will deliver complete bed-bath parity across 138 studio and 410 cluster units, each fully furnished with high-quality finishes. Amenities include a gym, roof terrace, courtyard, games room and communal study areas. Students will benefit from being near the University of Leeds and Leeds Beckett University – as well as the Leeds train station and city centre’s restaurants, shopping and nightlife.
“Leeds is home to one of the largest student populations in the UK with over 61,000 full-time students, and a student population that has grown by 15% over the last three years. Harrison Street is pleased to leverage our experience providing modern PBSA to bring high-quality student housing to Leeds, where less than 40% of the city’s students have access to existing student housing options.
“We are pleased to further our proven partnership with CA to meet significant unmet demand in Leeds and look forward to continuing to identify attractive PBSA opportunities in university cities together across Europe.”Paul Bashir, Chief Executive Officer of Harrison Street’s European business
The new PBSA scheme is part of a larger master plan redevelopment in Leeds city centre – known as the Lisbon Street Development. The wider development will also include Build to Rent, an office building and hotel.
“As a pioneer of student housing, our expansion to Leeds – a critical academic centre and the UK’s fastest-growing city – is a natural extension of our growth strategy. The Lisbon Street scheme complements CA and Novel’s growing portfolio of 5,000 PBSA beds across Europe, while providing an additional opportunity to extend our joint venture partnership with Harrison Street. We look forward to planting our roots in another one of the UK’s largest cities and facilitating the success of the community under the Novel Student brand.”Carlo Matta, President and Head of CA’s European operations
This Leeds scheme is the joint ventures sixth asset in the UK, with the most recent a 393-bed ground up PBSA development in London. The partnership is expected to deliver 3,000 PBSA beds across the UK and Ireland.
Harrison Street is among the most active investors in alternative real estate sectors in Europe, which includes student accommodation, Build to Rent and life sciences. Since launching its European strategy in 2015, Harrison Street has acquired or developed 73 assets – including over 20,000 student accommodation beds, 3,000 residential units and 2.1 million sq ft of life sciences space in partnership with 14 operating partners in the UK, Ireland, France, Germany and Spain.