The world’s largest investment and asset manager, BlackRock has acquired a major student accommodation package adjacent to the University of Plymouth.
BlackRock, advised by DTZ, has acquired two principal interests: Frobisher House, a 134 student bed scheme leased to the University of Plymouth, where they paid £9.4m to include an option to develop an adjacent site for an additional circa 180 beds, and Regent Cottages which is currently being developed to deliver another 193 student beds due for completion in summer 2015.
GVA represented Saltire Property Developments Ltd and Urban Crib, the vendors at Frobisher House.
Victoria Hall, one of the UK’s leading student accommodation providers, will manage the buildings on behalf of BlackRock UK Property Fund.
The project will deliver state-of-the-art student accommodation for around 500 beds in the heart of Plymouth’s educational quarter with facilitates including cinema, study rooms and surf store rooms.
Nick Allan, Senior Director, DTZ Investment Agency commented: “We are delighted to have advised BlackRock on this prime student investment opportunity. This is a strategic acquisition adjacent to the University’s campus in a market that has one of the highest ratios of students per bed space of any university city in the UK.”
