JV expands PBSA portfolio with £68m Salford acquisition

Bricks Group and Tristan Capital Partners’ CCP 5 fund have completed the deal to purchase the 457-bedroom Salford Two development, part of the Discovery Quay student cluster.

The joint venture has acquired the 14-storey student block off King William Street for £68m. Bricks Group had owned the site outright before the Bricks/Tristan JV’s purchase.

Opening next week, Salford Two will be operated under Bricks’ in-house True Student brand and offer residents a rooftop terrace, a communal study space, and a multi-purpose festival zone.

There will also be a 24/7 concierge and security service, along with on-site wellbeing support.

Salford Two marks the JV’s second asset in Salford, also owning the 402-bedroom Salford One development next door.

Pete Prickett, founder and chief executive 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 percent occupancy, which is a testament to this high demand but also the growing popularity of our true student properties and the unique experience they offer our student guests.”

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.”

Established in 2021, the JV now controls more than 2,500 student beds across five assets in Liverpool, Glasgow, Birmingham, and Salford, with a goal to establish a £750m portfolio in the UK PBSA market.

Pinsent Masons advised Bricks Group on the deal. Tristan Capital Partners worked with BCLP, Workman, PWC, Longevity, Knight Frank, and Tiger Lime.