The 4,539 beds, being sold by administrators PwC, will increase its total UK student room numbers from 3,821 to 8,360. The sites span seven UK cities and provide CLV with strong national coverage to add to its existing portfolio in Salford, Bedfordshire, Bournemouth and London.
On completion of the deal all sites will transfer to CLV’s international hospitality model. CLV’s investment in the portfolio will ensure that the student experience is at the centre of the operation with increased opening hours, more flexible contract products, onsite customer service officers and a dedicated social offering.
A major refurbishment programme planned for the social and living areas across the buildings will ensure it positively supports the living and learning experience of its residents.
CLV is an established global provider of student accommodation with over 37,000 beds across Australia, New Zealand, United States and the UK.
Gary Clarke, CLV UK chief executive officer, said:
“Our intended acquisition of these assets, together with our transaction pipeline, creates an exciting time for CLV.
“Delivering student accommodation is our sole business and we understand the international student hospitality market exceptionally well.
“The UK sector is currently in a state of transition in the way students make academic, social and accommodation choices and we are delighted to be at the forefront of this change with enhanced services and facilities.
“We are looking forward to transferring these properties into the CLV family, and supporting more students to achieve their social and academic aspirations.
“This announcement follows shortly after we have financially closed an agreement with the University of Salford to develop 1,367 beds and ensures that CLV will achieve its growth targets in the UK.
“With the addition of these beds, and further investments such as the Royal College of Music student residences project, we have a very healthy pipeline which will take our total UK bed numbers to over 10,000.”
CLV’s advisers include law firm Osborne Clarke, financial adviser David Wylde Project Finance, property adviser Savills and patronage advisor, Knight Frank.
Once the deal is finalised existing staff at the operations will transfer across to CLV.