UK-based investment firms Curation Capital and Patron Capital have made significant strides in the purpose-built student accommodation (PBSA) sector with their recent acquisition of the Alma Place asset in Belfast. This 393-bed facility, constructed in 2022, is strategically located near both Queen’s University Belfast and Ulster University, making it an attractive option for students seeking quality living arrangements.
This acquisition represents the second asset obtained through the partners’ ongoing joint venture, having already established a considerable presence in the UK PBSA market. Together, they now oversee more than 1,800 beds across seven assets situated in key university locations associated with the Russell Group, which is known for its prestigious institutions.
Strategic Insights from the Acquisition
Irina Stamate-Rocha, a partner at Patron Capital, expressed her satisfaction with the acquisition, stating, “We are pleased to expand our second joint venture with Curation Capital through the acquisition of Alma Place, a high-quality, strategically located asset in this resilient, high-demand sector.” This statement underscores the partners’ conviction in well-placed, affordable student accommodation solutions within leading university markets. The emphasis on quality and location aligns with current trends prioritising student-centric living environments that cater to the growing demand for PBSA.
Market Entry and Future Prospects
Michael Haverty, a partner at Curation Capital, highlighted the significance of this acquisition, noting, “Alma Place represents a high-quality PBSA asset in a super location, benefiting from strong student demand and proximity to both Queen’s University Belfast and Ulster University.” This acquisition not only marks their entry into the Belfast market but also signals a proactive approach to identifying opportunities in supply-constrained areas that continue to provide affordable options for students.
Operational Management and Historical Context
The management of Alma Place has been entrusted to Fresh, which took over operations in February of the previous year. This transition came after the former owners, the Chicago-based investment management firm CA Ventures, faced challenges with their Novel Student brand, leading to receivers being appointed in April to facilitate the sale of the asset.
In facilitating this transaction, Knight Frank acted on behalf of the vendor, with Nathan Pask and Andrew Foster serving as joint fixed charge receivers at Watling Real Estate. The buyers were advised by Savills, showcasing the collaborative efforts of various industry players in the successful sale of this significant asset.
George Tincknell, an associate in student property at Knight Frank, commented on the successful sale, stating, “Having worked on the scheme over a number of years, we are pleased to see the successful sale of Alma Place. The development has been an exceptional addition to Belfast’s student accommodation market, and this transaction is a strong endorsement of the quality of the asset and the depth of student demand in the city.” His insights reflect the ongoing vitality of the student accommodation market in Belfast, which is increasingly being recognised for its potential.
The acquisition of Alma Place not only enhances the portfolio of Curation Capital and Patron Capital but also reinforces the growing importance of well-located, quality PBSA assets in the UK market. As student demand continues to rise, investments such as this one illustrate a dedicated focus on meeting the needs of students while capitalising on lucrative market opportunities.