Carlyle plans £350m splurge on student housing

Grant Prior 12 years ago
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Private equity group Carlyle has launched plans to build four student accommodation schemes across London worth £350m.

Demolition work will start next month on the first site next to Finsbury Park station in north London that has planning permission for a 400-bed student housing scheme.

Carlyle wants to start work on a further three sites to provide a total of 1,850 beds as the student accommodation boom shows no signs of slowing down.

The Financial Times reported that work will be funded by Carlyle but carried out through a joint venture with student accommodation specialist Generation Estates.

The Carlyle venture will be called City Living and the long-term plan is to provide at least 4,000 beds in London.

Carlyle research showed there are more than 260,000 full-time students in the city, but enough purpose-built accommodation for only around 16%.

London also has the highest number of overseas students, with more than 90,000 full-time.

Robert Hodges, managing director of Carlyle European Real Estate, said: “We have been aware of the attraction of student accommodation for some time, given the strong fundamentals of the market, particularly the ongoing supply and demand imbalance in the UK.”

Carlyle has agreed to acquire three further sites, subject to planning permissions which are expected next quarter, with construction starting as soon as possible.

It is intended that all sites will become operational by September 2013.

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