Greystar Expands UK PBSA Portfolio with Acquisition of The Neighbourhood in Exeter and Cardiff

• Assets have been acquired from “The Neighbourhood”
• Adds 400 beds to Greystar’s extensive PBSA portfolio, which now boasts over 35,000 beds across the UK
• Greystar will undertake a proactive asset management strategy to maximise value and operate the buildings under the pan-European Canvas brand
• Beachrock acted for the vendor

London, UK, 17 January 2025 - Greystar, a global leader in the investment, development and management of real estate, including rental housing, logistics, and life sciences, today announces the acquisition of two purpose-built student accommodation (PBSA) assets, 'The Neighbourhood', located in Cardiff and Exeter. The deal marks Greystar's expansion into two new UK cities experiencing a significant undersupply of student housing, despite being home to two of the UK’s largest Russell Group universities. 
The Neighbourhood Exeter, which first opened its doors in 2018, and The Neighbourhood Cardiff, established in 2016, are both situated in prime student areas. Both Cardiff University and the University of Exeter are actively investing in their campuses and infrastructure, with strong growth plans that Greystar can support by providing more student housing. Numbers of students in both Cardiff and Exeter have steadily been growing since 2016.

The Cardiff asset is less than a mile from both Cardiff University and the University of South Wales, which together have a combined total of 58,000 students, and well located for local bus routes to the campus and to Queen Street Station. The Exeter asset is situated next to Exeter Central train station, the Guildhall Shopping Centre, and a short walk from the River Exe. It is ideally positioned for students attending University of Exeter or Exeter College.

Ben Mowbray, Managing Director - Investment, Greystar, said: "The acquisition of two new PBSA assets in highly sought-after locations aligns perfectly with our strategy to expand our footprint in key student markets across the UK. With the number of full-time students in the UK expected to rise to 2.5 million by 2030, the demand for high-quality, professionally managed student accommodation continues to grow and we are well-positioned to leverage these opportunities and provide secure returns for our investors while creating vibrant communities where students can thrive.

"Our focus is not just on providing beds but on creating environments where students feel safe, supported, and part of a community. With over 50,000 owned and managed student beds across our European portfolio, we understand the unique challenges faced by students and we are dedicated to delivering an exceptional university experience and ensuring their safety and welfare through our 24/7 on-site teams, high-quality amenities, and exceptional services."

Each asset offers a high-end product with a homely feel and are a strong fit for Greystar's Canvas student brand, which already operates in seven UK university cities and is geared around how students like to live and what they like to do. These well-amenitised and high-specification buildings provide a total of 160 beds in Exeter and 240 beds in Cardiff, offering students a comfortable and modern living environment. Both assets provide a high-end student experience with amenities such as a gym, free-to-use bikes and bike storage, a cinema room, a lounge, a karaoke room, and exclusive resident events.

Greystar's dedication to resident satisfaction is reflected in the numerous awards its properties have received for outstanding resident satisfaction. Over 90% of UK residents have rated their satisfaction with safety and security as either excellent or good. 

Sam Ball, Partner at Beachrock, said: "This transaction demonstrates the strength of investment demand for best in class PBSA.  These high quality student residences are of institutional specification with an excellent long-term occupational demand profile.  It represents one transaction of many that Beachrock have brokered for vendor clients at the start of 2025.  We anticipate increased investment liquidity as investors seek to capitalise on what may prove to be a very positive turning point for PBSA transactions. ”