QIP and Gamuda Land form GBP100 mil UK student housing joint venture
By Nur Hikmah Md Ali
/ EdgeProp Singapore |
Located at 81 to 88 Beresford in Woolwich, London, the 299-bed purpose-built student accommodation features a mix of 150 studios and 149 cluster rooms (Photo: QIP)
Singapore-based private equity firm Q Investment Partners (QIP) has partnered Malaysia-listed engineering, infrastructure and property developer Gamuda Land on a joint venture (JV) to develop student housing in the UK.
QIP announced in a July 8 press release that the GBP100 million ($173 million) JV will see QIP and UK-based co-developer Hurlington build a 299-bed purpose-built student accommodation (PBSA) located at 81 to 88 Beresford in Woolwich, London. The development features a mix of 150 studios and 149 cluster rooms. It is part of a multi-billion-pound regeneration of the former Royal Arsenal in London, and the first PBSA scheme in the regeneration area.
The project is QIP’s largest single asset transaction and its first strategic partnership with Gamuda. It is also QIP’s 11th student housing asset in the UK and its first in London.
The project is within walking distance of many transport links and is about 40 minutes away from eight major universities, including the University of Greenwich, UCL, the London School of Economics, and King’s College London.
The project has completed demolition works, and construction will commence in 3Q2024. It is slated to be completed by the 2026/2027 academic year.
Peter Young, CEO and co-founder of QIP, says that the firm is committed to delivering over 2,000 beds across prime university cities (Photo: QIP)
Peter Young, CEO and co-founder of QIP, says that the firm is targeting more PBSA opportunities in the UK with Gamuda. “The successful closing of this transaction underscores our commitment to investing in high-quality student housing by delivering over 2,000 beds across prime university cities,” he adds.
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