Two Plymouth PBSA blocks change hands in £35m deal
Investor Veld Capital has bought the Saltwater Place and Mary Parker House student accommodation schemes in Plymouth.
According to market sources, the deal is valued at £35m.
The assets were acquired from the developers, Pickstock Group and Maple Grove, in two separate transactions.
Investor Veld Capital has bought the Saltwater Place and Mary Parker House student accommodation schemes in Plymouth.
According to market sources, the deal is valued at £35m.
The assets were acquired from the developers, Pickstock Group and Maple Grove, in two separate transactions.
The purpose-built blocks have a total of 513 student rooms and have been fully let for the past three academic years.
Jon Silvosa, investment director at Veld, said: “The high-income potential and value of these acquisitions proved to be attractive to Veld, offering strong returns for core assets in a location with very solid fundamentals associated. The high-yielding nature of these investments in what has consistently proven to be a resilient asset class is something that we are actively looking to build upon as we pursue a number of other opportunities in the UK PBSA market.”
Justin Sulger, managing partner at Veld, added: “These investments reflect our continued conviction in the UK PBSA sector which, despite its maturity, remains under-supplied. It is also supported by favourable fundamentals and demographic tailwinds in what remains one of the most sought-after education destinations globally. Saltwater Place and Mary Parker House are the first in a series of PBSA investments we expect to complete in the UK market.”
