Mansion Group under offer on 795-bed PBSA portfolio

The Mansion Group Holdings is under offer to acquire a five-asset, 795-bed purpose-built student accommodation portfolio that was being marketed for offers over £84m. “The Collection” is held by 90 North Real Estate Partners and Rasameel Investment Company as part of the Academy Investment Fund. It was marketed as a value-add opportunity. The owners appointed Harris Associates to sell the portfolio in June this year, with refurbishment and rental reversion potential at a net initial yield of 6.37%. The portfolio comprises the 219-bed Exeter One in Exeter, 187-bed Union in Leamington Spa, 108-bed Goods Corner in Edinburgh, 146-bed City Heights in Cardiff and 135-bed Dover Street in Leicester. The joint venture acquired City Heights for £19.4m – a 5.75% net initial yield – in June 2022. It bought Dover Street for £24m and Goods Corner for £22m in 2020. The Union was acquired for £17.2m in 2017, according to EG Radius. It acquired Exeter One for £18.5m, also in 2017.