A joint venture between Bricks Group and Tristan Capital Partners’ CCP 5 Fund has successfully acquired a 457-bed purpose-built student accommodation (PBSA) in Salford for a whopping £68 million. This acquisition is a part of the joint venture’s strategic plan to establish a robust £750m+ platform in the UK’s PBSA market.

Established in 2021, the joint venture now oversees 2,571 student beds spread across five major assets located in student-centric cities like Liverpool, Glasgow, Birmingham, and Salford. The newly acquired 14-storey “true student Salford Two” development offers a panoramic view of MediaCity and is the second such acquisition in Salford by the group.

Set to open its doors this month, the development promises breathtaking views of the Manchester skyline and Salford Quays. It boasts spacious studios, apartments with high-end features, and innovative pod-style bathrooms. Additionally, residents can enjoy amenities like a panoramic rooftop terrace, a ‘Sky Sanctuary’ communal study space on the top floor, and a multi-purpose festival zone at the reception level.

Pete Prickett, the CEO of London-based Bricks Group, expressed his excitement about the acquisition, noting the growing student population in Salford and the increasing demand for high-quality PBSA. He also highlighted the 100% occupancy rate achieved months ahead of the property’s completion. Kristian Smyth, managing director at Tristan Capital Partners, reiterated their commitment to expanding their PBSA platform in the UK.

Both Bricks Group and Tristan Capital Partners collaborated with various partners for this deal, including Pinsent Masons, BCLP, Workman, PwC, Longevity, Knight Frank, and Tiger Lime.