Qip And Gamuda Land Form Gbp100 Mil Uk Student Housing Joint Venture Qip And Gamuda Land Form Gbp100
Singapore-based private equity firm Q Investment Partners (QIP) has teamed up with Malaysian-listed engineering, infrastructure, and property developer Gamuda Land to launch a joint venture (JV) for the development of student housing in the United Kingdom.
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In a press release on July 8, QIP announced its partnership with Gamuda Land for a GBP100 million ($173 million) project. The JV will see QIP and UK-based co-developer Hurlington collaborate on the construction of a 299-bed purpose-built student accommodation (PBSA) located at 81 to 88 Beresford in Woolwich, London. The development will consist of a mix of 150 studios and 149 cluster rooms, making it the largest single asset transaction for QIP and its first collaboration with Gamuda.
The project is situated within the multi-billion-pound regeneration of the former Royal Arsenal area in London, and is the first PBSA scheme to be developed in this area. Construction is expected to begin in the third quarter of 2024, after the completion of the demolition works, and the project is scheduled to be ready for occupancy by the 2026/2027 academic year.
QIP’s CEO and co-founder, Peter Young, emphasizes the firm’s commitment to providing high-quality student housing by targeting opportunities in the UK market with Gamuda. “The successful closing of this transaction further solidifies our dedication to investing in top-tier student accommodation and delivering over 2,000 beds across major university cities,” he adds.
The location of the Beresford development offers convenient access to various transportation options and is within a 40-minute commute to eight major universities, including the University of Greenwich, UCL, the London School of Economics, and King’s College London. This strategic location makes the project an ideal choice for students, and QIP and Gamuda are confident that it will be a highly desirable accommodation option for university students in London.