Harris Associates is pleased to announce that it advised Lone Star Value-Add Fund I, L.P. (the Fund) on the Fund’s indirect acquisition of a high-quality portfolio of student accommodations assets. The acquisition consists of a portfolio of 2,621 beds across four prime student markets: Cardiff, Hatfield, Swansea, and Sheffield.
Given its strong reputation and relationships in the sector, Harris Associates, a UK property investment firm, played a key role in the off-market negotiations that led to the completion of this acquisition – one of the largest in recent years in the Purpose Built Student Accommodation (PBSA) sector.
Whilst the COVID pandemic has resulted in widespread uncertainty, the PBSA sector remains resilient, and is now demonstrating further strengthening. The student accommodation sector is coming into sharper focus for global funds and new entrants who have traditionally invested in offices, leisure, and retail.
The student accommodation assets in Cardiff and Hatfield are built and occupied, whilst those in Swansea and Sheffield are scheduled to open in September 2021. The assets include amenities such as basketball courts, gyms, cinemas, sky lounges, games rooms, karaoke rooms, and private dining areas.