Tristan Capital Partners and Bricks Group Announce New PBSA Joint Venture Targeting £750m Portfolio
Source: Tristan Capital Partners Press Release
- Bricks Group and Tristan Capital Partners’ core-plus fund Curzon Property Partners Long-Life fund (CCP 5 LL) launch joint venture with £400m PBSA portfolio sale
- The six assets are located in five cities: Birmingham, Glasgow, Manchester, Swansea, and Leicester
- Partnership targeting a £750m portfolio over next five years
CCP 5 LL, a fund managed by Tristan Capital Partners, and Bricks Group has today announced the launch of a joint venture partnership incorporating the £400m acquisition of six UK-based, purpose-built student accommodation (PBSA) assets by the investment management boutique.
The six assets comprise 2,753 beds across the cities of Birmingham, Glasgow, Leicester, Swansea, and Manchester (Salford). Bricks Group’s asset management team will be retained to oversee the portfolio, while its true Student platform will continue managing the developments.
The joint venture is actively assessing further opportunities in the sector with an ambition to grow the portfolio to £750m over the next five years.
Kristian Smyth, Executive Director at Tristan Capital Partners, said: “Our partnership with Bricks Group comes at an exciting time in the PBSA sector. We share an ambition to scale up our JV in the short term through a combination of acquisition of operating assets and de-risked development of new schemes across the UK. Through our Core Plus CCP 5 LL Fund, we are well positioned to execute in this attractive growth sector as we look to grow the platform to £750m in the coming years.”
Peter Prickett, Founder and Chief Executive Officer at Bricks Group, said: “With our aligned culture and brand focus, there are super exciting times ahead for the joint venture. Together we’ll make a powerful and positive impact on the student experience with a continued focus on the evolving PBSA sector.”
Bricks Group is an independently owned property business with a portfolio of services and brands across development, brand management and investment. The Group operates in the student, hotel and residential living sectors via its own brands and has developed more than £500m of assets. It also recently expanded into the food and beverage and fitness sectors as part of the Group’s growing “ecosystem” of complementary brands, while also presenting exciting opportunities for the brands as stand-alone businesses.
true Student is a multi-award-winning, hospitality oriented, all-inclusive student accommodation brand led by a unique mix of experts from across the student accommodation, hospitality and property development sectors. With a retention rate more than double the industry average and nearly 100% occupancy across the portfolio, it is primed for growth.
Bricks Group was advised by Knight Frank, Franklin Bay, Pinsent Masons and KPMG for the sale of the six assets deal while Tristan Capital Partners was advised by BCLP, Workman, PWC, Savills, TigerLime and Longevity.