Goldman Sachs and Generation Partners have announced they have purchased two UK PBSA assets in Cardiff and Bournemouth for £110m. The deal mark a significant milestone for the PBSA sector in the UK.
The c. £110m transaction, arranged by Savills operational capital markets, includes the 430-bedroom Skyline development in Bournemouth and the 477-bedroom Bridge Street Exchange development in Cardiff.
This arrangement signifies Goldman Sachs’ return to the UK student market following the sale of iQ accommodation in 2020.
“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/demand fundamentals.”
Chris Semones, Managing Director in Real Estate, Goldman Sachs Alternatives
Under this partnership, Generation Partners will act as the asset and development manager, and Now Student Living will provide property management expertise, ensuring high-quality tailored services.
“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.”
Sonia Wang, Director, Savills Capital Advisors
Savills Operational Capital Markets is a 150-person strong division that has advised on over £25bn of transactions in the UK & EMEA Operational Real Estate sectors in the past three years.
