The off-market acquisition by DFI is a ahead dedication to The Tannery, which Watkin Jones is set to complete ahead of the 2021/22 academic calendar year.
The building includes 415 en-suite rooms and 47 studios, as properly facilities including a cinema space, game titles room, physical fitness studio, lounges and examine regions. It will be operated by Watkin Jones’s asset management business enterprise New.
The financial investment is DFI’s 2nd in the United kingdom PBSA sector, after it bought Canterbury Student Manor in 2017. It bought the developing on in 2019, two decades in advance of its strategy, after increasing occupancy from 79% to 100% and lowering running charges.
The pan-European trader, which manages extra than €2.7bn (£2.35bn) of belongings, also has a portfolio of 1,100 university student beds in Denmark.
“This off sector transaction represented a persuasive prospect for us to create on our British isles pupil lodging publicity and get edge of the latest market place dislocation with the acquisition of one of the few freshly created PBSA belongings in Leicester,” explained DFI investment director Paul Nearchou.
“Watkin Jones is a single of UK’s primary builders and we are self-confident that they will deliver a high high quality, modern-day products all set for the 2021/22 academic year. The outlook for the Uk scholar sector stays solid, with supportive demographics and escalating domestic and international demand.”
Watkin Jones chief investment decision officer Alex Pease, included: “It’s excellent to protected institutional investment decision for this exceptional plan that only provides to the rising desirability of Leicester’s dynamic riverside region. What was a brownfield web site in require of regeneration will shortly present hundreds of citizens a definitely beautiful area to are living with easy obtain to two respected universities, as very well as the retailers, bars and cafés of the city centre.”
He added: “Working with DFI for the first time to entire this sale has been a serious good and the crew seem forward to continuing our relationship into the future. My thanks go to all people included in producing the deal occur.”
DFI was recommended by CBRE.