Developer Vita Group has sold a chunk of its student residential scheme for £600m.
The deal sees DWS acquire a portfolio of “Vita Student” assets across Manchester, Glasgow, Edinburgh, Leeds, Birmingham and Newcastle.
Vita will continue to manage and operate the buildings on behalf of DWS.
Vita Student was launched in 2013 to offer ‘premium, experience-led’ student accommodation and has 5,760 beds in 19 residences across 12 cities in the 海角视频.
The deal will allow Vita Group to scale its growth both domestically and internationally, with a significant future pipeline which includes the first international “Vita Student” scheme in Barcelona.
For DWS, this acquisition further expands its presence and expertise in the Purpose Built Student Accommodation (PBSA) sector and follows the recent forward purchase of a large scale scheme in Wembley, London.
Mark Stott, CEO of Vita Group, said: “Finding the right strategic investment partner was imperative to the future of our business and I’m delighted to announce today’s news. This deal is hugely significant for both the next chapter of growth for Vita Student and the wider Vita Group as we bring more innovative brands to market.”
Ronen Ribak, head of real estate transactions, Europe at DWS, said: “A high-end portfolio in strong locations catering to both local and international students was critical in our decision to acquire this portfolio, and to partner with a true experience led operator such as Vita Group.
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“We will continue to seek best in class student housing properties across Europe and partner with managers and operators with a shared trajectory of growth as we continue to deploy capital in the European student housing sector.”
Matthias Naumann, CIO & head of strategy, Alternatives, Europe at DWS, said: “The ‘Vita Student’ portfolio provides a significant opportunity for DWS to further re-balance our European portfolio towards the residential sector and its sub segments.
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“With demand for higher education growing globally, we expect 海角视频 universities to continue to attract students from both the 海角视频 and overseas, despite current uncertainties.
"It allows DWS to increase its presence in a sector offering strong long term growth prospects while being defensive during downturns. This is very much in line with the investment strategy of our funds.”