Moorfield Group, the UK-focused real estate fund manager (“Moorfield”), announces that it has sold, on behalf of its Moorfield Real Estate Fund III (“MREF III”) and Moorfield Real Estate Fund IV (“MREF IV”), two purpose built student accommodation (“PBSA”) schemes, totaling 789 beds, to a joint venture established between Ares Management (“Ares”) funds and Generation Partners LLP (the “JV”).
Hox Park, located in Egham, Surrey, provides state-of-the-art accommodation to students of Royal Holloway, University of London, which was recently ranked a Top 25 University by The Times and Sunday Times Good University Guide. Developed by Moorfield in partnership with Royalton Group and opened in September 2018 under its Domain brand, it features 499 student beds, comprising a mix of studios and en-suite apartments. Set within 67 acres of parkland which overlooks the River Thames, Hox Park offers students a high level of amenity, including a private gym and wellness centre, parcel lockers, café space, car parking facilities and a dedicated social and study hub, Hox Haus.
These assets will be added to the Here! Student Living brand that currently sits over the joint venture’s six existing operational assets in Cardiff, Exeter, Glasgow, Dublin, and Galway, all of which are fully occupied for the 2021/2022 academic year and are letting quickly for next year.
Ross Netherway, Head of Origination at Moorfield Group, commented: “Moorfield was a first mover investor into student accommodation in 1997 and it remains a conviction call today as it is so closely aligned to evolving demographic and societal trends. These disposals conclude two successful investments on behalf of our Fund III and Fund IV, enabling us to crystalise attractive returns on behalf of our investors, as we focus on deploying the capital raised for our latest value-add strategy.”
Source: propertyeu.info on the 12th of May 2022