Harrison Street Real Estate Capital and Crosslane Property Group UK Limited have formed a joint venture. The JV will focus on developing a portfolio of student housing properties in the UK.
LONDON AND CHICAGO – January 30, 2017 — Harrison Street Real Estate Capital, LLC (“Harrison Street”), one of the largest real estate investment firms dedicated to the Education, Healthcare and Storage sectors, today announced it has formed a joint venture with Crosslane Property Group UK Limited (“Crosslane”), a student-centric real estate company specializing in acquiring, developing and managing purpose-built student accommodation (PBSA) assets across the UK and Continental Europe.
Initially, the JV will jointly develop a portfolio of four high-quality PBSA properties totaling 1,267 beds located in Leeds, Coventry, Portsmouth and Swansea, which are top-tier regional UK university cities with a combined enrolled student population of more than 131,000. Gross development value for the four properties is £125 million (~USD$175 million).
Robert Mathias, a Senior Managing Director and Head of International at Harrison Street said: “We continue to build momentum as the partner of choice for the leading developers and managers of student housing across Europe. This announcement highlights Harrison Street’s deep commitment to providing additional high-quality accommodation options to the underserved student population across the UK. Crosslane has an excellent track record, unique opportunity set, and robust development pipeline in attractive university markets across Europe. We look forward to bringing our significant resources and student housing experience to bear and partnering with them as we capitalize on attractive investment opportunities that best serve our partners and investors.”
Harrison Street is one of the largest owners of student housing in the United States and Europe. The firm has invested in over 125,000 student beds, and its European student housing portfolio comprises more than 7,000 beds in ownership or under construction across Ireland, France, Germany and the United Kingdom.
About Harrison Street Real Estate
Harrison Street Real Estate Capital LLC is one of the leading real estate investment management firms exclusively focused on the Education, Healthcare and Storage sectors. The firm has created a series of differentiated investment products across multiple risk/return strategies. Headquartered in Chicago with an office in London, the firm employs a 115-person team and has approximately $12.8 billion in assets under management. For more information, please visit www.harrisonst.com.