Bricks Group and Tristan Capital Partners’ CCP 5 Fund have acquired a 457-bed purpose-built student accommodation (PBSA) asset in Salford for £68m.
Bricks Group worked with Pinsent Masons on the deal, while Tristan Capital Partners were advised by BCLP, Workman, PWC, Longevity, Knight Frank and Tiger Lime.
Catering to students from both the University of Manchester and University of Salford and managed by Bricks Group’s award-winning platform true student, the new 14-storey true student Salford Two development looks out over Media City.
It is the group’s second acquisition in the city.
“Salford has one of the fastest growing student populations in the country and demand for high-quality PBSA in the area is sky high. Months ahead of completion, this great asset had already reached 100% occupancy, which is testament to this high demand, but also the growing popularity of our true student properties and the unique experience they offer our student guests. It’s exciting to see our JV with Tristan Capital Partners go from strength-to-strength and we look forward to developing this collaboration further.”Pete Prickett, Founder and CEO, Bricks Group
The acquisition represents another step in the joint venture‘s journey to establish a £750m+ platform in the UK PBSA market.
Established in 2021, the joint venture now controls 2,571 student beds across five assets in the major student hubs of Liverpool, Glasgow, Birmingham and Salford.
Opening this month, it will provide breathtaking views across the Manchester skyline and Salford quays and will offer spacious studios and apartments, high spec features and furnishings and new pod-style bathrooms.
Residents will also have access to a panoramic roof-top terrace, a ‘Sky Sanctuary’ communal study space on the top floor and a multi-purpose festival zone at reception level.
“UK PBSA continues to be one of our high conviction investment themes and we are delighted to add this high-quality asset to our existing platform. Our stated ambition is to grow this platform to £750m+ and we are actively pursuing new opportunities that will help us achieve this objective.”Kristian Smyth, Managing Director, Tristan Capital Partners