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Tue June 18 2024

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Torsion secures backing for PBSA schemes

16 Jan Leeds-based contractor-developer Torsion Group has teamed up with an investment manager to develop a portfolio of purpose-built student accommodation.

One of Torsion's student accomodation developments in Nottingham
One of Torsion's student accomodation developments in Nottingham

Zenzic Capital, a property investment manager, has launched a new UK purpose-built student accommodation (PBSA) strategy with a target gross development value (GDV) of more than £500m.

The strategy will see Zenzic invest in existing stock as well as develop new assets.

To start with, it has acquired five schemes with a total GDV of £147m through a joint venture with Torsion Group. The JV is targeting a total portfolio GDV of over £250m across seven schemes totalling 1,566 rooms by the end of this year.

The first five schemes with Torsion will collectively have 817 beds. Two of these schemes, which are in Leeds and Nottingham, are newly built and already fully let. The other three are under construction in Warwick, Nottingham and Leeds.

The completed assets will be operated by Torsion subsidiary Luna Students.

Torsion chief executive Dan Spencer said: “Having worked with Nadine Buckland, CEO at Zenzic Capital, for over eight years, I am excited to form a joint venture and partner with them in the delivery of this current pipeline. Our strong relationship with Zenzic made forming the joint venture seamless, and we look forward to doing many more deals together. The partnership gives us a strong foundation to scale and accelerate our growth in the PBSA sector.”

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