Chicago-based real estate investor CA Ventures has entered Europe with plans to invest £500 million per year to develop purpose-built student accommodation in the U.K. and Ireland by 2021, Property Funds World reported, citing the company.
CA Ventures will also spend £300 million annually in its development pipeline in the Netherlands, Spain, Portugal and Italy.
CA Ventures has partnered with PGIM Real Estate's European real estate value-add debt platform and Investec for three projects in the U.K. totaling 888 beds. The projects include a 422-bed student accommodation facility in Glasgow, another 216-bed facility in Edinburgh and a 250-bed facility in Sheffield. The facilities are expected to open by the 2021-2022 academic year.
The company's immediate pipeline includes development schemes in Dublin, Belfast, Bristol, York and Edinburgh.
CA Ventures is aiming for £1.3 billion worth of ground-up developments in Europe over the next three years, according to the report.
