Patron Capital, a pan-European institutional investor focused on property-backed investments, has acquired Sheraton Park, a 418-bed purpose built student accommodation (PBSA) scheme in Durham.
It’s been snapped up on behalf of a new joint venture with Curation Capital, the London-based real estate investment manager that invests in and manages student accommodation, co-living, private residential and self-storage.
Sheraton Park is an 135,280 square foot PBSA asset across two buildings that are within walking distance of Durham University. The JV will now transform the building into modern energy efficient accommodation for the next generation of students.
Sheraton Park is home to Ustinov College, Durham University’s only exclusively postgraduate college. Sheraton Park comprises two properties – Sheraton House, a 71,547 square foot building constructed in 2017 and Neville House, a 63,733 square foot property originally constructed in 1921 but converted and extended in 2017.
This JV has been set up to acquire and refurbish student accommodation properties in UK towns and cities with Russell Group or tier one universities. Funding for the JV came from Patron Capital’s Fund VII value add fund, supported by a £23.5 million loan from Leumi UK to finance the acquisition of the asset.
Sheraton Park represents Patron Capital and Curation Capital’s sixth acquisition, but is the first for this new JV. In a previous JV the businesses have acquired five assets in key student accommodation locations including in Birmingham, Nottingham, Manchester and London.
Michael Haverty, founding partner at Curation Capital, comments:“We’re delighted to announce the launch of our second joint venture with Patron Capital. Durham is one of the UK’s most sought-after university cities, drawing students from across the globe. This new venture reinforces our shared commitment to expanding our investment strategy. Sheraton Park represents a prime opportunity to own a high-quality asset in one of the strongest student accommodation markets in the country.”
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