CA Ventures' PBSA portfolio fully leased in first year
CA Ventures' (CA) initial portfolio of purpose-built student accommodation (PBSA) assets in the UK has been fully leased for the 2021/2022 school year.
CA, together with joint-venture partner PGIM Real Estate, first announced the nearly 900-bed portfolio in September 2019 as the US student housing pioneer’s first foray into the PBSA sector. Despite the countless pandemic-related challenges posed over the past 18 months, all three of CA’s jaw-dropping new communities have achieved the ultimate success as it is defined in the PBSA world: 100 per cent leased in year one. All leasing and marketing efforts were managed by CA’s in-house PBSA operating platform, Novel Student (Novel).
“To reach 100 per cent leased across a portfolio comprising three different assets in three different markets in its first year despite the significant challenges posed by Covid-19 is nothing short of remarkable, and a testament to the enduring strength of our nimble platform and investment strategy, the quality of our products, and the acumen of our people,” says Carlo Matta, head of CA’s European operations. “This milestone is a clear indication of the value and control CA delivers through its vertically integrated platform and regional PBSA expertise, regardless of the macroeconomic environment. The team’s extensive research and understanding of the European PBSA landscape have enabled a thoughtfulness and attention to detail in design that are truly second to none, allowing us to bring the rich history of each community to life while elevating the standard of student living in their respective markets.”
Each Novel community features unique, shared amenity spaces designed to foster a sense of community among residents and inspire wellness and sustainability. While offerings vary by location, Novel also applies brand standards to ensure the consistent delivery of high-quality assets, such as the inclusion of breakfast bars with complimentary coffee service, study and meeting rooms, and ample outdoor space featuring BBQs and pizza ovens.