Long Harbour to launch new PBSA Joint Venture

13 December 2023

Long Harbour will expand its living sector focus into PBSA through a joint venture with Rosethorn Capital Partners.

The strategy will be led by Rosethorn CEO Stephen Rigby, who brings more than ten years’ experience in PBSA. Stephen was a founder, and Chief Investment Officer at Student Roost which was acquired by GIC and Greystar in 2022 for £3.34bn. The properties will be managed by Long Harbour’s residential management platform Way of Life, which will add PBSA to their specialist focus on BTR and SFH.

Long Harbour will target high-spec, accessible student accommodation with an initial focus across the UK’s major university hubs, where an undersupply of purpose-built student accommodation is most acute. The strategy aims to build a portfolio of up to 10,000 beds across leading UK university towns and cities over the next five to seven years. The strategy will target growth through a combination of standing stock and new developments.

The move into PBSA reflects Long Harbour’s expanding presence across the living asset classes, with support from its investor and shareholder Cadillac Fairview, a subsidiary of global investor Ontario Teachers’ Pension Plan. The PBSA strategy will complement Long Harbour’s £1.5bn Build-to-Rent platform, Long Harbour Multi Family (LHMF) and its Single Family Housing (SFH) platform which was launched earlier this year.

William Astor, Chief Executive at Long Harbour, said: “We are thrilled to have agreed terms with Rosethorn Capital Partners to lead our PBSA strategy and are looking forward to combining their deep expertise in the student accommodation sector with our own development and operational capability. There is a significant undersupply of high quality student accommodation across the UK’s main university cities, and through our Way of Life platform, we intend to provide an exciting and engaging student living experience in areas where it’s most needed.”

Stephen Rigby, CEO at Rosethorn Capital Partners, said: “We plan to build a high-quality portfolio across the UK and to create a highly compelling offer for students. With record numbers of students in the UK, increasing year on year, there remains a long-term structural shortage of well-located and well managed properties for students to live in. I’m delighted to be working with Long Harbour to lead the PBSA venture, and the team and I are excited to start work on delivering our plans and ambitions.”

Source: Long Harbour
Multiple reports with cicle diagram and text

About Exelerating

The Exelerating platform helps you to gain relevant insights into € 6,000+ billion of European institutional assets. We do this by tracking and analysing thousands of public sources of data.

Learn more