The global asset management business of Aviva plc – Aviva Investors – acquires a portfolio of six PBSA schemes and a mixed-use commercial investment, extending its strategic asset allocation to the direct let PBSA sector.
The PBSA portfolio comprises a total of six assets in four cities across the UK, including Edinburgh, Liverpool, Exeter and Falmouth, which together provide beds for over 1,000 students.
As part of the transaction, Aviva Investors has also acquired a complementary commercial asset in Liverpool spread over 65,000 sq ft. It offers mixed use leisure and retail spaces including hospitality, hotel and supermarket facilities.
“Complementing our Build to Rent platform of single-family homes, this significant transaction shows our ability to deploy capital at scale, alongside a proven operating partner, into a strategically important growth sector for our business.
“Student numbers are projected to continue growing in the coming years and, with a structural undersupply of purpose-built accommodation, we are pleased to be able to invest into the sector and support the provision of high-quality accommodation across the country.”James Stevens, Head of Real Estate Investment, Aviva Investors
Each scheme aligns with the company’s long-term sustainability ambitions, with two of the developments already having on-site photovoltaic panels installed to reduce reliance on traditional energy sources.
Aviva Investors’ operating partner will be Curlew Capital, who will be responsible for lettings, maintenance, and ongoing site management alongside property managers Fresh.