January 28 2025 16:10
Veld Capital, a private investment company has acquired Saltwater Place and Mary Parker House, two student accommodation assets located in Plymouth, UK.
The properties were acquired from Pickstock Group and Maple Grove Developments, who developed the assets, through two separate transactions.
The assets jointly offer 513 rooms and were fully let over the past three academic years. Saltwater
Place is next to the city centre in Plymouth with retail and leisure amenities available within a 15-minute walk to the main university campus and Plymouth train station. Mary Parker House is located within a 6-minute walk to the main university campus and an 8-minute walk to Plymouth train station.
Plymouth has a chronically undersupplied student accommodation real estate market. With a student population in the region of 24,000 across three educational institutions, there are only around 6,000 beds available. Local supply-demand fundamentals are unlikely to change in the medium-term given that new student accommodation supply is restricted by limited viable land availability coupled with high construction costs.
Jon Silvosa, investment director at Veld, said the deal would bring strong value to the group.
“The high-income potential and exceptional value of these acquisitions proved to be particularly
attractive to Veld, offering strong returns for core assets in an excellent location with very solid
fundamentals associated. The high yielding nature of these investments in what has consistently
proven to be a resilient asset class is something that we are actively looking to build upon as we
pursue a number of other attractive opportunities in the UK purpose-built student accommodation market,” he said.
Veld Capital worked in partnership with Avignon Capital on the acquisitions and will work together on
the day-to-day asset management operations. Barclays PLC provided acquisition financing for both transactions. Danesborough Properties advised the purchasers. Beachrock and Cushman & Wakefield advised the vendors.
Since 2009, Veld Capital has raised almost €3bn of capital across its credit opportunities
and real estate vehicles from a growing base of institutional investors.
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