Bricks Group and Tristan acquire £68m Salford PBSA
Bricks Group and Tristan Capital Partners’ CCP 5 Fund have acquired a 457-bed purpose-built student accommodation asset in Salford for £68m.
The acquisition represents another step in the joint venture’s journey to establish a £750m+ platform in the UK PBSA market.
The joint venture, which was established in 2021, now controls 2,571 student beds across five assets in the major student hubs of Liverpool, Glasgow, Birmingham, and Salford.
Bricks Group and Tristan Capital Partners’ CCP 5 Fund have acquired a 457-bed purpose-built student accommodation asset in Salford for £68m.
The acquisition represents another step in the joint venture’s journey to establish a £750m+ platform in the UK PBSA market.
The joint venture, which was established in 2021, now controls 2,571 student beds across five assets in the major student hubs of Liverpool, Glasgow, Birmingham, and Salford.
The 14-storey Salford Two development accommodates students from both the University of Manchester and the University of Salford and is managed by True Student.
Bricks Group founder and chief executive Pete Prickett said: “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.”
Tristan Capital Partners managing director Kristian Smyth said: “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.”
Bricks Group worked with Pinsent Masons on the deal, while Tristan Capital Partners was advised by BCLP. Workman, PwC, Longevity, Knight Frank and Tiger Lime.
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