PRESS RELEASE
CONTACT:
Emma Phelan, FTI Consulting
020 7269 9313
Emma.Phelan@fticonsulting.com
Rachel Drysdale, CBRE
0207 182 3187
Rachel.drysdale@cbre.com / @CBRE_UK_News
CORAL AGREES 840 BED STUDENT ACCOMMODATION INVESTMENT
–Two New Schemes to be Developed in Coventry and Birmingham –
– Victoria Hall Appointed as Managers –
London, 10 September 2012 – Advised by CBRE, the Coral Student Portfolio (“Coral”), a fund that
invests in student accommodation funds and joint ventures, has entered into a new investment, the
Student Development Partnership. The partnership has invested in two new student housing sites;
one in Coventry and the other in Birmingham. Both sites will be developed and operated by leading
student accommodation provider, Victoria Hall Management (UK) Ltd.
Both schemes, which have a combined estimated end value of £50 million, are scheduled for
completion in September 2013 ready to support that year’s student intake.
Located opposite the Coventry University campus, the Alma Road scheme will comprise 404 beds –
helping to meet the university’s growing accommodation demands. Coventry University has seen
applications increase 9% since 2010 according to figures from UCAS. The Birmingham scheme is
adjacent to The University of Birmingham and will comprise 434 beds.
The Victoria Hall Management (UK) Ltd team has developed and operated over 6,000 beds across
13 sites in the UK and 3 in Europe, the management team has twice been awarded the highest
accolade in student accommodation receiving the 2011 and 2012 ‘Best Private Halls Provider’ from
the National Student Housing Survey.
At the same time, another joint venture between Coral and Student Residence Investments Limited
has appointed UNITE to manage the recently refurbished Greencoat House, Kingston. UNITE is the
largest provider of student accommodation in the UK. Greencoat House will be launched in
September and comprises 64 Studios.
Coral continues to attract new investors, with the NAV per unit having grown 34% since 2009. On
Coral’s behalf, CBRE continues to actively seek similar opportunities to invest alongside established
operators and developers.
Research from CBRE shows that despite the prospect of higher tuition fees, the UK Higher Education
system remains heavily oversubscribed with only 10 places for every 14 applicants. The number of
CBRE Press Release
student places continues to grow with 7.75% more students accepted into universities in 2011 than in
2007.
John Nesbitt, Managing Director, Victoria Hall Management (UK) Ltd, said:
“We are pleased to announce this joint venture with Coral; we hope this to be the first of many. The
two sites are in fantastic locations next to established universities with great growth potential. Coral’s
commitment to the sector and ability to write sizeable equity tickets has been key to unlocking these
sites”.
Lawrence Frampton, co-fund manager of the Coral Student Portfolio, said::
“With limited bank lending, the property markets in general are capital constrained at present. As a
source of equity Coral is uniquely positioned to partner with established market operators and
developers. These partnerships provide the opportunity to create quality accommodation in student
housing markets suffering from under-supply. Coral is committed to investing in quality locations with
strong supply and demand characteristics. As such this partnership fulfils Coral’s robust investment
criteria and commitment to invest in top quality accommodation and in top locations.”
For further information please contact Nick Harvey-Jones (020 7182 2966) or Andrew Smith (020
7182 2441)
ENDS
Notes to Editors
CBRE Real Estate Finance Limited is an Appointed Representative of CBRE Indirect Investment Services
Limited which authorised and regulated by The Financial Services Authority.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the
world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has
approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers
through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for
property sales and leasing; corporate services; property, facilities and project management; mortgage banking;
appraisal and valuation; development services; investment management; and research and consulting. Please
visit our website at www.cbre.com.