Vita Group and Savills IM shake hands on PBSA asset sale

Supplying much-needed purpose-built student accommodation (PBSA) to the UK market, Vita Group has agreed on an asset sale with Savills Investment Management.

Vita Student Bruce Street scheme in Belfast | PBSA News
Vita Student Bruce Street scheme in Belfast.

Urban regeneration specialist Vita Group has agreed on a major transaction with Savills Investment Management, on behalf of a key client, for the sale of three assets at circa £300m.  

One of the largest UK PBSA asset deals in 2023, the deal between Vita Group and Savills Investment Management includes Cannon Park in Warwick, Iona Street in Edinburgh and Bruce Street in Belfast, with the portfolio totalling 1,340 beds.  

“We’re delighted to sign this deal with Savills Investment Management. The UK’s purpose-built student accommodation market continues to be an exciting and resilient asset class for investors as demand from students for high-quality PBSA continues to outstrip supply, creating an attractive proposition for any investor. We look forward to building on our relationship with Savills Investment Management as we deliver Vita Student’s class-leading brand experience for our residents across their buildings.” 

Ioannis Verdelis, Chief Investment Officer, Vita Group

Vita Student will continue to operate the assets on behalf of Savills Investment Management. The deal represents the clear need for PBSA housing in key university cities across the UK.

“This strategic acquisition underscores our conviction for the long term resilience of the PBSA sector in the UK. The acquired assets are examples of best-in-class buildings, and Vita is an operator with a compelling reputation.” 

Adrian Martin, Director, Savills Investment Management