A unique portfolio of five freehold, operational UK PBSA assets, totalling 795 beds; representing an opportunity to amass immediate scale within five regional and institutional student marketplaces.
Welcome to The Collection.
Investment Summary
The Collection represents the chance to acquire Goods Corner (Edinburgh), Exeter One (Exeter), City Heights (Cardiff), Dover Street (Leicester) and The Union (Leamington Spa); a unique portfolio of five freehold, operational UK PBSA assets, comprising a total of 795 beds; representing an opportunity to amass immediate scale within five institutionally sought-after regional student marketplaces.
All assets are located in strong micro-locations within top performing university cities with compelling supply and demand characteristics.
The portfolio offers an attractive and diversified unit mix of cluster en suites (48%), studios (49%) and one-to-two bedroom apartments (3%). Due to recent inflationary pressures, which have seen construction costs increase by over 30% in the last 36 months, the majority of the regional PBSA pipeline comprises the delivery of new studios, meaning The Collection's unit mix of accommodation is currently unfeasible if appraised for delivery in today's market.
Each asset offers value-add enhancement opportunities, through either light-touch or comprehensive refurbishment, to further improve the property design and amenities - and capture a reversionary rental tone.
The University of Edinburgh, the University of Exeter and the University of Cardiff are all members of the prestigious Russell Group. With Leamington Spa serving the nearby Russell Group University of Warwick. 83% of the portfolio beds are therefore situated in Russell Group university markets, providing access to the highest standards of education across the UK.
The assets are subject to fantastic student reviews, with an average of 4.5 stars on Google.
Against a backdrop of increasing international student numbers (+3.1% on 2022), 314,600 domestic 18 year olds applied for university through UCAS for the 2023/24 academic year. This number is 39.5% higher than at the same point in 2020. The increasingly constrained supply of PBSA, due to construction cost inflation and a challenging planning landscape, cannot keep pace with this demand, which has seen the supply-demand gap increasing YoY.
The portfolio offers a diverse and defensive income profile with an attractive balance of domestic (c.47%) and international (c.53%) student occupiers – ensuring the portfolio is well-positioned to remain an inflationary hedge and does not rely on one student demographic for the majority of rental income.
Design and Asset
Management
Each asset in The Collection represents charming and well-curated student accommodation and associated amenity spaces, offering a boutique-style student living experience. Existing amenities across the portfolio include study spaces, residents lounges, games rooms and roof terraces.
There is considerable opportunity to enhance the value of each asset through a refurbishment programme and the addition of further amenity spaces, such as a gym at The Union, Leamington Spa (subject to obtaining the necessary consents). It is widely considered that the portfolio is currently under-rented when analysed against its comparable set and an appropriate capital expenditure programme could result in a favourable rental reversion across the portfolio.
Discover the properties
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146 Studios
146 Total Beds
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110 En Suites
25 Studios
135 Total Beds
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106 Studios
2 Two-Bed Apartments
108 Total Beds
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157 En Suites
30 Studios
187 Total Beds
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112 En Suites
107 Studios
219 Total Beds
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Portfolio Statistics
Reversionary
Potential
There is considerable opportunity to enhance the value of each asset through a refurbishment programme and the potential addition of further amenity spaces.
This information can be found in the data room.
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Property Management
City Heights is managed by CRM. CRM is one of the UK's largest independent student accommodation management services providers with over 23,000 bed spaces under management, nationwide.
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Riya
City Heights
Cardiff
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Jennifer
Goods Corner,
Edinburgh
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Rajat
Exeter One
Exeter
Cardiff voted the best - and friendliest - city in the UK in the 2023 Readers' Choice Awards
Edinburgh: Scottish city named world's best to 'raise a family'
University of Warwick ranked in the top 10 in the 2025 Complete University Guide
Cardiff Metropolitan University wins award for Outstanding Contribution to Equality, Diversity and Inclusion
Planning permission for new 8,500-capacity arena in Edinburgh Park secured by AEG
