Global investment manager abrdn has completed the sale of its purpose-built student accommodation (PBSA) operational business – mys Living – to the minority joint venture partners, Murdo Mcilhagger and David Mathewson.
abrdn has over €10bn of living assets under management. Murdo and David will will take on the business of mys Living and continue to provide asset and operational management for PBSA investors and other living asset classes under the mys brand.
Murdo has worked in real estate since 2004. He has experience transacting and managing in all sectors and has worked on Listed vehicles, Private Equity, Insurance, and Pension Fund mandates.
Murdo has a strong network within the PBSA sector including universities and operators. His network and experience have enabled him to acquire assets, build a PBSA operating platform, and agree nominations deals with universities. He also led capital deployment into Senior Living in the UK and North America and was tasked with creating an operating capability in that sector.
“With the mys team and brand firmly established we are excited to take full ownership of our values-led business, which will allow us to pursue some of the exciting opportunities that are already in the pipeline.”
Murdo Mcilhagger, Joint Founder, mys Living
David has worked in real estate since 2001. An early adopter to the PBSA sector, he was one of the lead site finders for Knightsbridge – one of the first PBSA companies in the UK, backed by Oaktree, who exited successfully to GIC in 2016 with over 7,000 beds and its own operating platform.
He then went on to head up Alternative Investments at Capita, where he sourced and transacted over £2bn of PBSA assets as well as acting as retained advisor to universities such as Durham. David’s experience means he has been instrumental in developing the operating platform, transacting standing and development assets in the sector.
Together, Murdo and David are leading mys with a socially responsible business model of building trust with customers and clients. Their culture of continuous improvement as evident by this buyout, makes them an attractive economically resilient proposition.
“We wish Dave and Murdo every success on the mys project as they take the business forward in a new direction.
“abrdn’s ambitions to grow both in the student and wider residential space remain unchanged and we continue to develop and evolve our offering to best serve our clients needs.”
Anne Breen, Head of Real Estate, abrdn
Reaffirming its commitment towards its socially responsible business model and ESG, mys Living unveiled its new environmentally conscious brand and website in February 2024. The new branding puts mys’ core values of Community, Activism, Freedom, and Ambition at the heart of the brand.
