MCR Property Group has taken a substantial step forward in expanding its Flow Student platform with the acquisition of two prominent assets in Preston, namely Foundry Court and Trinity Student Village. This strategic purchase will contribute an impressive total of 862 beds to the existing £360 million Flow Student portfolio, demonstrating MCR’s commitment to enhancing its presence in the UK PBSA market.
The Details of the Acquisition
Foundry Court, located on Brook Street, consists of 438 beds, while Trinity Student Village on Great Shaw Street adds another 424 beds. Both properties were previously owned by Isle of Man-based Hencap Housing Properties, which acquired them as part of a larger £53 million portfolio acquisition in 2017. This acquisition represents a significant opportunity for the Flow Student platform, which was launched in February 2023 and aims to reach a total of 10,000 beds by the end of this year.
Strategic Importance of Preston
Nick Lake, the fund director at MCR Property Group, commented on the acquisition, stating that “Preston is a logical next step for Flow Student. It is an established university city with strong underlying demand, excellent connectivity, and a clear requirement for good-quality, accessible student accommodation.” The addition of Foundry Court and Trinity Student Village not only enhances MCR’s footprint in one of the North West’s key university markets but also positions the company to capitalise on the increasing demand for high-standard student living.
Future Plans and Growth Strategy
Lake emphasised that this acquisition aligns perfectly with their overarching strategy: to acquire assets with solid fundamentals and deploy capital intelligently. He stated, “This acquisition is further evidence that we are executing exactly the strategy we set out: acquire assets with strong fundamentals, deploy capital intelligently and use active management to improve performance.” The focus on operational improvement, targeted investment, and long-term value creation will be critical as the company looks to enhance the student experience.