Real Estate, Social Infrastructure

Ottoway Portfolio Acquisition

May

2023

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Project Info
Client
DIF Capital Partners
Location
UK
Value
N/A
Sub-Sectors
Sub-Services
EvoInfra acted as financial advisor to DIF Capital Partners on its investment in eight UK Purpose Built Student Accommodation (PBSA) assets, totalling 4,500 beds.

DIF acquired a 100% stake in Ottoway Portfolio Holdings, a company that owns and operates a portfolio of eight purpose-built student accommodation (“PBSA”) assets in key UK cities. The company was acquired from a fund advised by Arlington Advisors, a UK-based investment manager, and Campus Living Villages , one of the world’s leading on-campus student accommodation owner-operators. The investment will be made by DIF Infrastructure VI and CLV will continue operating the portfolio.

The acquisition provides DIF with a sizable portfolio of PBSA assets, consisting of over 4,500 rooms across seven key cities in England and Wales (London, Birmingham, Leeds, Manchester, Liverpool, Nottingham and Newport). The majority are freehold assets and the portfolio benefits from a number of fixed leases and long-term agreements with universities. The properties have a considerable operational track record with historically high levels of occupancy driven by strong locations, well-priced rooms and close relationships with universities.

The UK PBSA sector is expected to continue to experience growth, driven by its favourable demand and supply fundamentals and secure income generation capabilities. The portfolio also benefits from existing institutional financing in the form of a long-dated listed bond.

Ramon Sequeira, Director and project lead at EvoInfra, said: “We are pleased to have supported DIF on another significant investment into the UK student accommodation sector, following our work on the LSE Glengall Road development. This transaction demonstrates continuing strong appetite for large high-quality portfolios, whilst also highlighting the robust demand from students for direct-let rooms.”

Gijs Voskuyl, Partner and Head of Infrastructure at DIF, said: “DIF is excited to add a sizable student accommodation portfolio to DIF VI. This operational portfolio benefits from long-term relationships with universities in key UK cities and has demonstrated a strong historical track record. We recognise the important role that PBSA plays for both local and foreign students thus we look forward to working alongside high calibre educational institutions to provide accommodation for their students”.

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