AustralianSuper has secured its first portfolio transaction for its new UK living platform, acquiring six purpose-built student accommodation (PBSA) assets from Harrison Street Asset Management.
The Australian superannuation fund has invested an unspecified amount to acquire the portfolio of 1,616 beds in London, Edinburgh, Belfast, Cardiff, Birmingham and Leicester.
AustralianSuper’s new UK living platform, launched in October with an initial commitment of £500m, targets investments across the UK living sector. Its inaugural transaction was the acquisition of a student housing development in Bristol as a seed investment.
Tim Butler, CEO of AustralianSuper’s UK living platform, said: “This milestone demonstrates our commitment to building a high-quality living sector portfolio in prime university-anchored locations.
“Our focus is on delivering exceptional service and operational standards that meet the needs of today’s students. This portfolio provides the platform with immediate cashflow as we seek to achieve scale swiftly.”
Vicky Stanley, senior investment director for real assets, AustralianSuper, said: “AustralianSuper is pleased to have acquired this portfolio of assets. This acquisition executes on the strategy of our new UK living platform to scale with quality homes for rent, anchored to high demand university locations, with the opportunity to grow income and deliver for members over the long term.”
Paul Bashir, CEO-Europe, Harrison Street Asset Management, said: “We believe this transaction reflects the strong fundamentals of the UK student housing market and demonstrates the continued global interest in high-quality, purpose-built student housing. Additionally, we feel it underscores our ability to deliver institutional portfolios at scale.
“We’re proud of the platform we’ve built in Europe and remain committed to identifying opportunities that create value for our investors across market cycles.”
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