Amber Beat: Global Student Accommodation Market News - December 2023, Week 03

Missed keeping track of all the latest happenings in the student accommodation market?

Amber Beat is a weekly snapshot of the key developments in top student accommodation markets.  This newsletter provides you with all the information you need to know, from new upcoming projects to current trends, news affecting students to government policies, we’ve got you covered!

Amber Beat | News from December 15-21, 2023

United Kingdom

• Aviva Investor to acquire £240 million, 1838-bed UK student accommodation portfolio in Exeter, Newcastle, Liverpool, Falmouth and Edinburgh from Curlew Capital and CBRE Global Investment Partners (1)
• London School of Economics partners with Bouygues UK and Equitix to add 2,000 new student homes in Bankside, construction to be completed by 2030 (2)
• Unite Students to construct £75 million, 600-bed student accommodation ‘Marsh Mills’, adjacent to Univerisity of Bristol’s Temple Quater campus, expected to open by AY 2025-26 (3)
• Scotsman Developments to build 600-bed affordable student accommodation on former Madras College site for St. Andrews University, Scotland (4)
• Investec Real Estate funds £15.6 million to Moorfield Group for the development of a 293-bed PBSA scheme in Lincoln (5)
• HG Living to deliver 185-bed PBSA scheme in Vauxhall, London, following the deal with charitable organization ‘International Student House’, aiming for completion in Summer 2026 (6)
• University of Bath submits plans to Bath and East Somerset Council for the renovation of 137-bed student accommodation ‘Pultany Court’ to meet modern living standards (7)
• Jadebricks submits 15-story 107-bed student accommodation plans for vacant site on Charles Street to Manchester City Council to meet the rising demand (8)

United States of America

• Harrison Street and Core Spaces complete acquisition of 686-bed student housing community ‘Identity Eugene’ near University of Oregon’s campus, and rename it ‘The Rive Eugene’ (9)
• Turner Construction Company begins constructing a 16-story on-campus residential building with 272 bedrooms at Weill Cornell Medicine in New York, with completion expected in Spring 2025 (10)
• TSB Realty arranges sale of “Elara at The Sawmill”, an 804-bed student housing complex near the Northern Arizona University Campus in Flagstaff, Arizona (11)
• Coastline Management Group and RWW Gainsville acquire $35 million ‘The Pavilion on 62nd’, a 312-unit student housing facility in Gainesville, Florida (12)
• Colorado School of Mine expands with a $151 million student housing renovation project 'Mines Park’ to increase capacity from 495 beds to 1,058 beds, set to open for students by Fall 2025 (13)
• Redburn Development Partners seeks approval to convert ‘Hotel Luna’ into student residences and to rename it as ‘Luna Studios’ to fulfill the rising student demands (14)

Australia

• Global Student Accommodation receives AUD 200 million from Aareal Bank to refinance Yugo Adelaide City, Yugo Perth City, and University Square, Melbourne (15)
• Country Education Foundation of Australia (CEF) announces a new partnership with Sancta Sophia College to have more accommodation options in Sydney (16)
• Gilbert + Tobin advises Morgan Stanley and Citi Bank on the AUD 318 million financing of Blackstone's acquisition of the Student One platform (17)
• City of Sydney Council and the NSW government promote development of build-to-rent houses, allowing developers to allocate 20% more floor space for student and low-income worker residences (18)

Europe

• Harrison Street and Artisa Group acquire Viale Monza, a 260-unit residential development, targeting Italy's undersupplied residential and PBSA market and Milan's growing student population (19)
• Spain faces a staggering shortage of 482,000 student beds as demand outstrips supply, with investment to reach €110 million by year-end, as per JLL study (20)
• UXCO Group acquires Chambéry student residence with 124 beds, reaching 14,000 student beds in French portfolio ending 2023 with total investment of €200 million (21)
• Government of Netherlands reopens €300 million housing development fund, €20 million reserved for student housing; accelerated construction efforts aimed at adding 981,000 homes by 2030 (22)
• Malaga emerges as top investment hub for student residences in Spain amidst 6x demand-supply gap, JLL report highlights intense investor interest and escalating student housing shortage (23)

Canada

• Fleming College to construct a new $16 million residence providing 47 beds for the students at Haliburton School of Art and Design (24)
• Canada's Affordable Housing and Groceries Act receives royal assent; key changes include GST removal on new rental housing to spur construction, and amendments to the Competition Act to boost competition and stabilize grocery prices (25)

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Sources: ((1), (2), (3), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), (14), (15), (16), (17), (18), (19), (20), (21), (22), (23), (24), (25))