MCR edges towards 10,000 student beds target with Preston double
MCR Property Group has bought 668 PBSA units across two schemes in the Lancashire city as it seeks to rapidly expand its portfolio.
Aneel Mussarat’s property company has continued its spending spree with the purchase of 493 units off Moor Lane and another 175 off Walker Street.
The properties were sold by Sanctuary Students, according to MCR.
The acquisition takes MCR’s student accommodation platform Flow Student to around 8,600 beds nationally. The firm is targeting 10,000 over the coming years.
Other recent purchases include Njoy’s 800-unit portfolio in Manchester and Leeds and the 438-bed Foundry Court on Brook Street and the 424-bed Trinity Student Village on Great Shaw Street, also in Preston.
MCR plans to invest millions in renovating its student assets and in some cases increase their density.
Nick Lake, fund director at MCR Property Group, said: “The growth of Flow Student has been significant and Preston is another important addition to the platform.
“Our pipeline is not solely dependent on acquisitions. Across the wider MCR Property Group portfolio we have a number of assets where we see the potential for repositioning into student accommodation, giving us another route to grow the platform and unlock value from buildings we already own.”
