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Partners Group teams up with Host to create £1bn UK PBSA & Co-living joint venture

Partners Group, a leading global private markets firm, acting on behalf of its clients, and Host Student Housing Ltd. Host, a fully integrated developer and operator in the student and living sector and one of the largest providers of student accommodation in the UK, have formed a new £1bn UK student accommodation and co-living joint venture. Host, in conjunction with Tiger Developments, is part of the O’ Flynn Group of companies which has extensive interests in the property sector in Ireland.

The joint venture is seeded with two Host-owned operational Purpose-Built Student Accommodation (PBSA) assets in Leicester and Colchester, a PBSA development project in Bournemouth and a purpose designed co-living development project in Guildford (CGI Imagery below).

In addition, there is an immediate identified pipeline of over £250m of PBSA developments totalling more than 1,000 beds in the prime Russell Group university markets of Manchester, Bristol, Edinburgh and Birmingham.

Together, Partners Group and Host intend to expand the JV through further developments in the PBSA and co-living sectors, creating a large and market leading portfolio of £1bn GDV. The JV will look to bring the firms’ combined expertise, experience and financial strength to bear on other UK PBSA and co-living schemes, aimed at meeting the strong and growing demand in the living sector for high quality, sustainable, amenity-rich and professionally managed accommodation with best-in-class service.

Rahul Ghai, Managing Director, Co-Head Private Real Estate Europe, Partners Group, said:

“A return to normality and strong demand fundamentals are making the post-COVID student accommodation sector in the UK an attractive investment opportunity. The sector is a key thematic focus for us and benefits from long-term tailwinds, such as favourable population growth trends and rising enrolment rates, as well as the continued strength of the UK’s higher education offering globally. The JV has a robust pipeline, and we look forward to hosting students across some of the most dynamic cities in the country.”

Peter Holden, Managing Director, Co-Head Real Estate Asset Management, Partners Group, added:

“We look forward to working with Host in this Joint Venture to continue to provide safe, energy-efficient assets to meet the increasing need for good value housing in key undersupplied university cities throughout the UK.”

John Nesbitt, managing director at Host, said:

“Host is excited to be working in joint venture with Partners Group. We have a shared ambition to build a new portfolio of top quality PBSA and Co-Living projects in the ‘Living’ sector, which offers strong sector fundamentals and growth.”

Michael O’ Flynn, Chairman and CEO of the O’ Flynn Group, said

“Our experience over 25 years in providing student accommodation in Ireland, the UK and across Europe will clearly benefit the joint venture. This is a unique opportunity, through Host, to collaborate with Partners Group in the development of PBSA and Co-Living projects. The scale of the joint venture will quickly position the JV as a leading player in a sector with significant growth potential.”

JLL Corporate finance has advised Host on the Joint Venture with Partners Group.


NOTES TO EDITORS:

About Partners Group:

Partners Group is a leading global private markets firm. Since 1996, the firm has invested over USD 170 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group seeks to generate superior returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With over USD 127 billion in assets under management as of 31 December 2021, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,600 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.

About Host:

Host (formerly Victoria Hall Management Limited) in conjunction with Tiger Developments, part of the O’ Flynn Group of companies which has extensive interests in the property sector in Ireland, has more than 25 years’ experience providing student accommodation with nationwide coverage and strong university relationships in most cities. It has developed and acquired more than 10,000 beds and currently operates circa 8,000 student beds across 28 sites in UK, Ireland and Europe, undertaking the day-to-day management of the properties, as well as the marketing of accommodation and recruitment of students from the UK and abroad.

About O’ Flynn Group:

The O’ Flynn Group has been in operation since 1978. It is a leading builder of new homes across Ireland and manages a wide portfolio of commercial properties in Ireland and the UK. O’Flynn Group identifies, masterplans, develops, builds and manages high quality properties in Ireland and the UK. Developments include residential, commercial, retail, industrial and student accommodation.

About JLL:

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

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