Press Release – Academy Investment Programme Predicted a First
With university students having now returned after the holidays and starting to prepare for their end of year exams, the Academy Investment Programme of UK student accommodation is predicted a First.
With just one room available out of 765 in the portfolio, this represents an occupancy rate of 99.9%.
Comprising five properties in Dundee, Edinburgh, Leicester, Royal Leamington Spa and Exeter, the portfolio is jointly managed by 90 North and Rasameel Investment Company.
George Salisbury, Associate Asset Manager at 90 North said, “While the 2020/21 academic year was undoubtedly disrupted, including many overseas students finding themselves unable to travel, near 100% occupancy for 2021/22 is proof that the occupational market has bounced back.”
With a roughly even split of rooms between ensuite and studios, the demand remains strong across the price points, with the portfolio 60% let for the 2022/23 academic year already.
Philip Churchill, Founder and Managing Partner at 90 North added, “This is proof that the online experiment that students had to endure last year has failed. Students want to be at university, not perched on the end of their bed with a laptop.”
Mohammad Tareq Al-Thaqeb, Senior Vice President at Rasameel Investment Company said, “The student accommodation sector in the UK has proven its resilience especially during COVID restrictions. We consider student accommodation as a defensive sector for our investors driven by its strong fundamentals.
Significant further expansion of the Academy Investment Programme is planned for the year ahead, with proprietary top-down analysis having identified target cities for further investment.