Student tower with panoramic roof-top terrace, 'Sky Sanctuary' and festival zone sold for almost £70m

manchestereveningnews.co.uk:

A student accommodation block in Salford, which features a panoramic roof-top terrace, a "Sky Sanctuary" communal study space and a festival zone, has been sold for almost £70m.

The 14-storey Salford Two development has been bought by Bricks Group and Tristan Capital Partners’ CCP 5 Fund for £68m. The scheme is opening this month and features 457 bedrooms. Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features. The joint venture, which was established in 2021, now controls 2,571 student beds across five assets in Liverpool, Glasgow, Birmingham and Salford.

Pete Prickett, founder and CEO of Bricks Group, said: "Salford has one of the fastest growing student populations in the country and demand for high-quality PBSA in the area is sky high. "Months ahead of completion, this great asset had already reached 100% occupancy, which is testament to this high demand but also the growing popularity of our true student properties and the unique experience they offer our student guests. "It's exciting to see our JV with Tristan Capital Partners go from strength-to-strength and we look forward to developing this collaboration further." Kristian Smyth, managing director at Tristan Capital Partners, added: "UK PBSA continues to be one of our high conviction investment themes and we are delighted to add this high-quality asset to our existing platform. "Our stated ambition is to grow this platform to £750m+ and we are actively pursuing new opportunities that will help us achieve this objective." Bricks Group worked with Pinsent Masons on the deal, while Tristan Capital Partners was advised by BCLP, Workman, PWC, Longevity, Knight Frank and Tiger Lime.