Generation Partners and Goldman Sachs Alternatives have announced the £86m acquisition of Portswood House, a market-leading purpose-built student accommodation (PBSA) asset totalling 435 bedrooms located in the prime regional city of Southampton.
Goldman Sachs Alternatives and Generation Partners acquired the asset from Vita Ventures, as the US financial powerhouse continues its return to the sector in the UK.
“We are excited to continue building our portfolio of UK PBSA assets and work with Generation Partners on the acquisition of Portswood House, a market-leading PBSA asset in Southampton.”
Chris Semones, Managing Director – Real Estate, Goldman Sachs Alternatives
In January, Goldman Sachs and Generation Partners announced they purchased two UK PBSA assets in Cardiff and Bournemouth for £110m. The deal marked a significant milestone for the PBSA sector in the UK.
The £110m transaction, arranged by Savills operational capital markets, included the 430-bedroom Skyline development in Bournemouth and the 477-bedroom Bridge Street Exchange development in Cardiff.
This arrangement signified Goldman Sachs’ return to the UK student market following the sale of iQ accommodation in 2020.
“We are delighted to have completed our second acquisition for our Joint Venture with Goldman Sachs and we look forward to continuing to grow this platform with their support.”
Alan Artus, Chief Executive, Generation Partners
Generation Partners will act as the asset and development manager for Portswood House, while dedicated student accommodation operating platform Now Student Living will act as the property manager.
“The addition of this asset to the Now Student Living platform demonstrates our dedication to the expert operation of high-quality, well-managed assets in prime locations, tailored to meet the diverse needs of a broad student demographic.
“By utilising a talented team of sector professionals, we aim to enhance the student living experience, while ensuring a better service for both students and our strategic investment partners.”
Paul Watson, Co-Founder and Managing Director, Now Student Living
