BlackRock Real Assets has acquired another student accommodation development in Sheffield (UK), bringing the total number of beds in its European Property Fund to more than 2,100 across five schemes.

The newly acquired Bramall Lane site adjacent to the existing Sheffield asset acquired by BlackRock Real Estate in May 2016, will be developed to provide a further 190 beds under a nominations agreement with Sheffield Hallam University. 

The new student accommodation scheme will be structured under a nominations agreement with Sheffield Hallam University. Its hoped the development will be able to benefit from ‘place-making’ opportunities and operational efficiencies of providing 735 beds across two inter-connected schemes with strong high-street frontage. 

Construction works on the site have already started with the completion due to 2018-2019.

The investment represents the eighth acquisition for the fund since it was established, which has been funded by a broad range of institutional investors from 16 different countries. In total, the fund has invested €700 (US$782) million of its available €1.75 (US$1.95) billion capital.

According to sources, Thomas Muller, Portfolio Manager for BlackRock's European real estate business, said: 

"We are very pleased with the progress since the final close and I am particularly delighted to announce this latest acquisition in the UK market, which is reflective of our strategy to continue the aggregation of our student accommodation portfolio in the UK and Ireland. With well-located schemes in London, Dublin, Leeds and Sheffield we are creating a very attractive portfolio."