Another overseas property investment firm has snapped up an upmarket Bristol student accommodation scheme – this time before it has even opened.
A fund operated by German real estate giant DWS acquired the state-of-the-art, 357-bed project in Redcliffe, pictured, for £57m from developer F3Group.
The building, which is leased to the University of Bristol, will be completed in the third quarter of next year and will have its own cinema. 
On completion, the property – designed by award-winning architects GSS - will be connected to the Bristol City’s District Heat Network as part of the overall sustainability strategy, aiming for a BREEAM Excellent rating for the building.
It is the latest in a series of deals in Bristol’s thriving purpose-built student accommodation (PBSA) market.
The city is seen as an investment hotspot for the fast-growing section of the property market.
Last week Bristol Business News revealed that an unnamed firm listed on the Singapore Stock Exchange had acquired a 301-bed development for £39.3m.
F3Group chief executive officer Gavin Gleave said: “F3 has an outstanding reputation built over the past 30 years for managing and developing high quality schemes across multiple sectors.
“This strategic exit demonstrates that even in tough economic conditions there is still strong demand from market leading investors for long-term income assets.”
DWS has assets of €759bn under management and operates in 24 countries worldwide.
Mike Hill, Head of Real Estate Transactions, UK and Ireland, at DWS, added: “We are extremely pleased with this investment into a thriving city and one of the UK’s best student markets and we are looking forward to working together over the coming months to bring this development to fruition.”
The deals have been completed against a backdrop of an increase in overall demand for higher education in the UK, despite the impact of Covid‐19.
The number of students with confirmed place in a UK university increased by 4% for the academic year 2020/21, driven by increase in domestic UK students’ enrolments, as well from international students from outside the EU.
Bristol is viewed as a strong regional city for PBSA due to its two major universities and sizeable full‐time student population.
