DWS and Vita Group today announced the completion of a landmark agreement which sees DWS acquire a portfolio of “Vita Student” assets for around GBP600 million (US$729.71 million), on behalf of its real estate funds. The deal incorporates eight UK assets and will see Vita Group continue to manage and operate the buildings on behalf of DWS. Vita Group was advised by Savills and Rothschild on the transaction.

The portfolio consists of a total of 3,198 beds across Manchester, Glasgow, Edinburgh, Leeds, Birmingham, and Newcastle across eight assets, three of which will complete construction imminently. All assets are purpose-built to a high-specification, with market-leading amenities in prime ‘city center’ locations in Russell Group University cities.

The deal incorporates the following assets:

Operational: 
Vita Student, First Street - Manchester – 279 units 
Vita Student, Circle Square Building 10 - Manchester – 496 units
Vita Student, Circle Square Building 11 - Manchester – 220 units
Vita Student, Circle Square Building 9 - Manchester - 384 units
Vita Student, Glasgow – 501 units
Vita Student, Strawberry Place - Newcastle – 332 units
Vita Student, Edinburgh – 250 units
Vita Student, St Albans - Leeds - 376 units
Vita Student, Birmingham - 360 units

Vita Student was launched in 2013 to offer premium, experience-led, student accommodation and has 5,760 beds in 19 residences across 12 cities in the UK. The deal will allow Vita Group to scale its growth both domestically and internationally, with a significant future pipeline which includes the first international “Vita Student” scheme in Barcelona.

For DWS, this acquisition further expands its presence and expertise in the Purpose Built Student Accommodation (PBSA) sector and follows the recent forward purchase of a large scale scheme in Wembley, London.