Amber Beat: Global Student Accommodation Market News - November 2023, Week 02

About Amber Beat

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 November 3- November 9, 2023

United Kingdom

• UK student accommodation market experiences 10% year-on-year rent surge, 2.8% increase in maintenance loans, and early start to 2024-25 lettings cycle, according to StuRents Report (1)
• Indian Student Mobility Report 2023 projects Indian students’ overseas education expenditure to reach $70B by 2030 (2)
• Middlesbrough Council's requirement of 52 licences, £45,000 in fees for private student accommodation licensing sparks outrage among landlords (3)
• IP Investment Management and Maven Capital Partners secure prime location in Dundee, Scotland for £30 million sustainable student accommodation project, inclusive of 189 studios, set to begin construction in 2024 (4)
• 790 student beds to be built in Leeds and Lancaster by September 2025 with Nido’s partnership with Primus and HIG (5)
• McAleer & Rushe secures contract from Fusion Group to build 420-unit student accommodation in Liverpool (6)
• Investec Real Estate grants £11.85 million loan to Stelling Properties for Southampton PBSA project, operated by Unilife and set to open by 2024/25 academic year (7)

United States of America

• British Columbia’s Quadreal Property Group acquires Chicago-based CA Student Living’s 20,000-bed portfolio and rebrands it as 'Article Student Living' (8)
• Vesper Holdings expands its student housing portfolio by acquiring "University Courtyard Denton," a 792-bed student housing facility located near the University of North Texas, Texas (9)
• Eastman Residential acquires ‘Bellamy Coastal’, a 480-bed student housing community near Coastal Carolina University, South Carolina for $28.4 million (10)
• The Preiss Company recapitalizes ‘Collective at Auburn’, a 600-bed student housing complex close to Auburn University, Alabama for $3.8 million (11)
• Vesper Holdings announces the redevelopment of ‘West 22’, an 850-bed student housing facility located near Kennesaw State University, estimated cost of $3 million proposed (12)

Australia

• Mirvac and John Holland break ground on $900 million Waterloo Collective development, introducing student accommodation in Sydney's Premier Mixed-Use Precinct; expected to open by 2026 (13)
• Indian students' spending on overseas education soars, Australia occupies 51,000 beds – report forecasts $70 billion expenditure by 2025 (14)

Europe

• Portugal invests €70 million in higher education accommodation as part of the national plan, boosting student residence construction budget to €517.4 million (15)
• Skanska secures NOK 513 million contract to build 462 student apartments in Oslo, Norway, project set to commence in Q1 2024 (16)
• Chamber and University of Lisbon ink agreement for New Manuel da Maia University residence with 320 beds, addressing student housing demand in Lisbon, Portugal (17)
• University of the Basque Country - UPV/EHU Campus to unveil new student residence in Vitoria, Spain, providing 196 beds in two buildings, construction set to begin Q1 2024‍ (18)
• City of Seville to experience student accommodation boom, set to reach total 8,000 beds by 2025, addressing housing challenges in Spain (19)

Canada

• Ontario Government takes steps to remove Harmonized Sales Tax which applies to new purpose-built rental housing such as apartment buildings, student housing, and senior residences, thereby encouraging affordable housing (20)
• Alignvest Student Housing REIT collaborates with Northwest Value Partners to redevelop 149 College Street, fully leased to University of Toronto, into a dynamic mixed-use high-rise property in Downtown Toronto (21)
• University of B.C. to consider plans of adding 9500 new on-campus housing units, providing accommodation to 35,700 people after consultation with the campus community (22)

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