LONDON – Hines has launched its first move into the student-housing market globally with the acquisition of six development sites in the UK from McLaren Property, a leading UK developer.
The six sites in Cambridge, Oxford, Kingston, Aberdeen and two locations in Brighton will deliver more than 1,100 beds in total.
The acquisition forms a key part of Hines’ current strategy of diversifying into new asset classes, beyond its office, retail, industrial and residential investments.
“We have been waiting for the right opportunity to enter the student housing market,” said Alex Knapp, Hines Managing Director. “We look forward to working with McLaren to ensure the success of this cornerstone acquisition.”
A new investment vehicle owned by a group of German pension funds, and managed by Hines, has entered into the forward-funding agreement for the portfolio.
Construction work is expected to begin soon, with completion set in 2017 and 2018.
May 5, 2016