Real estate investment and development firm Long Harbour is expanding its operations into the PBSA sector with a new joint venture working alongside Rosethorn Capital Partners.
The strategic move into PBSA reflects Long Harbour’s expanding presence across the living sectors, with support from its investor and shareholder Cadillac Fairview – a subsidiary of global investor Ontario Teachers’ Pension Plan.
“We are thrilled to have agreed terms with Rosethorn Capital Partners to lead our PBSA strategy and are looking forward to combining their deep expertise in the student accommodation sector with our own development and operational capability. There is a significant undersupply of high-quality student accommodation across the UK’s main university cities, and through our Way of Life platform, we intend to provide an exciting and engaging student living experience in areas where it’s most needed.”William Astor, Chief Executive, Long Harbour
The PBSA strategy, which will be led by Rosethorn CEO Stephen Rigby, will complement Long Harbour’s £1.5bn Build to Rent platform, Long Harbour Multi Family (LHMF), and its newly launched single-family housing (SFH) platform.
Stephen brings more than ten years’ experience in PBSA. He was previously a founder and Chief Investment Officer at Student Roost, which was acquired by GIC and Greystar in 2022 for £3.34bn.
“We plan to build a high-quality portfolio across the UK and to create a highly compelling offer for students. With record numbers of students in the UK, increasing year on year, there remains a long-term structural shortage of well-located and well managed properties for students to live in. I’m delighted to be working with Long Harbour to lead the PBSA venture, and the team and I are excited to start work on delivering our plans and ambitions.”Stephen Rigby, CEO, Rosethorn Capital Partners
The properties will be managed by Long Harbour’s residential management platform Way of Life, adding PBSA to its specialist focus on Build to Rent and single-family housing (SFH).
With the new joint venture, the developer aims to build a portfolio of up to 10,000 beds across leading UK university towns and cities over the next five to seven years. The strategy will target growth through a combination of standing stock and new developments.