Ward Group Investments has bought a £30m purpose-built student accommodation (PBSA) scheme in Durham as part of its acquisition of student operator Elvet Residences.
Three Tuns student accommodation scheme, Durham
The Three Tuns, operated by Elvet Residences, is located at the site of the historic former Three Tuns Hotel. The redevelopment of the grade II-listed 18th-century coaching inn includes three new residential wings housing 178 rooms.
Ward Group is also carrying out energy efficiency improvement on site, with the majority of the units hitting EPC ratings of ‘A’.
Andrew Ward, chief executive of Ward Group, said: “This acquisition strengthens our position in the PBSA sector with a landmark £30m asset in one of the UK’s most established student markets.
“Our strategy is to invest in high-quality, well-located PBSA and unlock each site’s full potential.
“We’re committed to enhancing the living experience for residents and also future-proofing all our schemes through best-in-class safety, compliance and energy efficiency standards.”
Earlier this week, private equity firm Prescient Capital secured a £44.3m loan from Secure Trust Bank Real Estate Finance to refinance three PBSA assets in Glasgow, Sheffield and Leeds.
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