Chicago — CA Ventures has sold an 897-bed student housing portfolio located in the U.K. for a combined £161 million. The properties were acquired by funds managed by Apollo Global Management.
Dispositions include Hillside House, a 250-bed community serving students attending Sheffield University and Sheffield Hallam University in Sheffield, England; Bridle Works, a 422-bed community located near the University of Strathclyde, University of Glasgow and Glasgow Caledonian University in Glasgow, Scotland; and Silk Mill, a 225-bed community serving students attending Edinburgh Napier University and the University of Edinburgh in Edinburgh, Scotland.
PGIM Real Estate provided financing to CA to support the development of the three sites. The Chicago-based firm plans to deliver another 1,000 beds across Edinburgh, Leicester and Belfast ahead of the 2022-2023 academic year, all of which will be managed by Novel, the company’s purpose-built student asset operating platform. CA has also announced joint ventures to expand its student housing portfolio and the Novel platform to Ireland, Spain and Italy.