Private equity group Investra Capital made a roughly £2.9 million purchase of a grade II listed warehouse in Birmingham, U.K., with intentions to convert it into a £30 million student housing block, CoStar U.K. reported, citing the company.
The seller Uncles Properties purchased the asset in 2010.
The company will expand Brandauer Works, which covers 30,000 square feet in the city's Newtown area, by 60,000 square feet and rebrand it as Brandauer Student Village.
In addition to 1,250 student beds assembled in the U.K., Investra has an additional student accommodation pipeline of 1,000 beds.
Holt Commercial represented Investra in the transaction, while Strata Real Estate acted on behalf of the seller, the June 13 report noted.