Crosstree acquires 431-bed Tottenham PBSA scheme

Crosstree Real Estate Partners has acquired a purpose-built student accommodation development at 29-33 The Hale in Tottenham, N17, from PMG Estates. PMG had acquired planning permission for the site with its joint venture partner Jigsaw Assets for a 431-bed PBSA scheme. The development is adjacent to Related Argent’s £600m “Heart of Hale” regeneration masterplan and forms part of the wider Tottenham Hale Opportunity Area, which is set to deliver more than 5,000 homes, improved transport links and enhanced local facilities. The premises are expected to be completed ahead of the 2027/28 academic year and the location offers good connectivity with central London and several of the capital’s university campuses. The scheme has been designed by HCD Architects and will feature interiors by design consultancy Holloway Li. The fully electric development will be delivered by RG Real Estate and target a BREAAM Excellent rating. The investment was made on behalf of the firm’s Crosstree Special Situations Fund III, which had a final close last year. Crosstree said it has been targeting the student accommodation sector, to take advantage of attractive supply-demand imbalances in London, counter-cyclical fundamentals and the pullback of forward fundings from core investors. Images © HCD Architects