A portfolio of student accommodation across the East and West Midlands has been acquired by Manchester’s MCR Property Group as it looks to grow its national footprint.
The portfolio includes 1,013 beds across five city centre sites – Corporation Village, Burges House, Pillar Box and Market Way in Coventry and Clarendon Street in Nottingham. The properties were acquired from Arlington Advisors, for an undisclosed sum, and are managed by Collegiate AC.
MCR now has more than 2,700 student beds across the Ƶ, at properties including Unity Square in Liverpool, Park Village in Sheffield and Clanny House in Sunderland – and says more acquisitions are in the pipeline in coming weeks.
The group says it will retain the existing on-site teams at its newly-acquired properties and that it is investing in further operational support functions at its student property portfolio. A dedicated PBSA (purpose-built student accommodation) brand platform for MCR will launch later this year.
Nick Lake, fund director at MCR Property Group, said: “We see a compelling opportunity in the PBSA market, driven by undersupply and strong rental performance in key university cities. Our history as a fast-moving, value-led investor gives us the confidence and capability to scale quickly and deliver impact.
“This acquisition is a significant step in the expansion of our student living platform, and we look forward to continuing that momentum in the months ahead. We would like to thank the Collegiate team for their professionalism and collaboration throughout this process.”
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