Student Cribs boosts portfolio with the UK’s largest ever HMO property deal

Student Cribs, the leading provider of second, third and fourth year student accommodation, has secured the UK’s largest ever student HMO (house in multiple occupation) acquisition. Headed by Charlie Vaughan-Lee, Student Cribs has purchased the ‘CPSW’ portfolio of 89 student houses comprising 568 beds for £31.4 million.

This is the company’s largest single acquisition since securing £200 million of funding from institutional backers last year. Since securing the latest round of institutional investment Student Cribs have invested £102 million of assets in total. The company now operates across 23 cities with a total of 2,625 beds in 529 properties. The CPSW portfolio is spread across the heavily student populated cities of Cardiff, Exeter and Portsmouth.

Other recent portfolios acquisition include: Waterside Student Village, near Salford Quays 247 beds acquired for £11.3 million; Bellvue a portfolio of 67 houses in Keele and Stoke-on-Trent (312 beds acquired for £10.6 million); the SHC portfolio in Cardiff and Coventry (177 beds acquired for £9.57 million); and the Bentley portfolio Nottingham (56 beds acquired for £3.25 million)

Charlie Vaughan-Lee, Chief Executive of Student Cribs commented: “This acquisition consolidates our position at the forefront of our sector. When we secured £200 million of funding last year, it was the largest fund raise of its kind and gave us the firepower to acquire significant portfolios and broaden our reach in key cities. We have exceeded our targets by doubling our bed spaces by the end of 2017 and are delighted with the properties and yields we have achieved.”

Student Cribs seeks to purchase individual HMOs in high quality university cities, portfolios of HMOs and period conversion opportunities.

Allsop advised on Waterside Village. Savills Residential Capital Markets advised on Bellvue.