Goldman and Generation Partners team up for double PBSA buy

Goldman Sachs Alternatives and Generation Partners have acquired two purpose-built student accommodation schemes from insurer AIG for £110m. The assets are the 430-bed Skyline development in Bournemouth and the 477-bed Bridge Street Exchange in Cardiff. Under the partnership, Generation Partners will act as asset and development manager and Now Student Living will provide property management expertise. Sonia Wang, director at Savills Capital Advisors, said: “This acquisition highlights the enduring strength of the UK PBSA sector, driven by robust demographic trends and strong supply/demand fundamentals. It’s fantastic to see the formation of this strategic partnership, which underscores the continued investor confidence in high-quality student accommodation.”

 Chris Semones, managing director in real estate at Goldman Sachs Alternatives, said: “We are excited to re-enter the student market and work with Generation Partners on the acquisition of Skyline and Bridge Street Exchange, two high-quality PBSA assets in Bournemouth and Cardiff respectively. This investment fits well with our continued conviction in the UK PBSA sector, which is supported by favourable demographic tailwinds and supply and demand fundamentals.”