For a long time period, international students have been facing the housing problem in the UK. After observing the situation, Heitman, a worldwide real estate investment management company announced its investment in the Hollis Building, Bath. It is a 120-bed student housing building that will be the accommodation for international students in future. The deal has been sealed with Alumno Group, a renowned student housing developer based in London, in an off-market deal. Heitman made the purchase as part of its global strategy.
As per the Property Wire report, the property is conveniently situated to serve Bath Spa University and the University of Bath, and it will house the city’s vibrant and expanding student population. To help with energy needs, the development will have a biodiverse green roof and photovoltaic panels.
Caleb Mercer, Heitman Managing Director of European Real Estate Investment, said, “We are pleased to continue our partnership with Alumno Group and deliver premium student housing assets for the UK’s growing domestic and international student populations,” As long as demand for space continues to outweigh availability, there will be a substantial need for student-specific housing.
“The resiliency of purpose-built student accommodation has been clearly evidenced over the past year. Demand for student housing remains intact and is expected to accelerate as the sector continues to benefit from steady occupancy gains, strong investor interest, and high barriers to entry.” Mercer continued. The industry continues to benefit from stable occupancy gains, significant investor interest, and high entry hurdles, thus demand for student housing is projected to increase.
The basic focus is on buying high-quality assets that offer substantial portfolio risk diversity, including geography, property type, and demand driver, as we continue to build our global portfolio against the backdrop of a tumultuous market. Gordon Black, Senior Managing Director and Global Portfolio Manager at Heitman said that investment in Bath fits that description as student housing continues to draw delinked demand and the UK remains a pillar of higher education globally.
David Campbell, the founder and managing director of Alumno expressed his excitement about the collaboration. He said this interesting new project that will establish our relationship. It will also address the housing problem for students coming from different countries. The University of Bath supports the planning proposal for this scheme because there is a continuing need for high-quality, purpose-built student housing in the UK.
When it is finished it will be the largest independent provider of student housing in the UK and will run the Hollis Building.
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