Student Cribs completes UK's 'largest student HMO'

By Paul Norman - Wednesday, March 28, 2018 12:23

Student Cribs, the provider of second, third and fourth year student accommodation, has secured what it described as the UK’s largest student HMO (house in multiple occupation) acquisition.

Student Cribs, which is led by Charlie Vaughan-Lee, has bought the ‘CPSW’ portfolio of 89 student houses comprising 568 beds for £31.4m.

It is the company’s largest single acquisition since securing £200m of funding from institutional backers last year.

Since securing the latest round of institutional investment Student Cribs has invested £102m of assets in total. The company operates across 23 cities with a total of 2,625 beds in 529 properties. The CPSW portfolio is spread across Cardiff, Exeter and Portsmouth.

Other recent portfolios acquisition include: Waterside Student Village, near Salford Quays 247 beds acquired for £11.3m; Bellvue, a portfolio of 67 houses in Keele and Stoke-on-Trent (312 beds acquired for £10.6m); the SHC portfolio in Cardiff and Coventry (177 beds acquired for £9.57m); and the Bentley portfolio Nottingham (56 beds acquired for £3.25m).

Charlie Vaughan-Lee, Chief Executive of Student Cribs, said: “This acquisition consolidates our position at the forefront of our sector. When we secured £200 million of funding last year, it was the largest fund raise of its kind and gave us the firepower to acquire significant portfolios and broaden our reach in key cities. We have exceeded our targets by doubling our bed spaces by the end of 2017 and are delighted with the properties and yields we have achieved.”

Student Cribs seeks to purchase individual HMOs in high quality university cities, portfolios of HMOs and period conversion opportunities.

Allsop advised on Waterside Village. Savills Residential Capital Markets advised on Bellvue.

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