Singapore-based QIP forms GBP100 mil UK student housing JV with Bursa-listed Gamuda
Singapore headquartered private equity firm Q Investment Partners (QIP) has formed a GBP100 million ($172.8 million) UK student housing joint venture (JV) with Bursa Malaysia-listed engineering, infrastructure and property developer Gamuda.
The completion of the equity funding will see QIP, alongside UK-based co-developer Hurlington Capital, develop a new 299-bed purpose-built student accommodation (PBSA) in Woolwich, London. It will be a mix of 150 studios and 149 cluster rooms.
The project is QIP’s largest single asset transaction and its first strategic partnership with Gamuda.
The site at 81-88 Beresford was acquired by Hurlington Capital in 2020 and is part of the multi-billion-pound regeneration of the former Royal Arsenal in London. The development will be the first PBSA scheme in the regeneration area.
QIP’s subsidiary company, QIP Development Group, will lead as development managers, supported by Hurlington Capital. Both parties will share development management responsibilities, with C-Field Construction appointed as the main contractor.
Demolition has been completed, with work on the site commencing in 3Q2024. The accommodation will be available for the 2026/2027 academic year.
QIP CEO and co-founder Peter Young says the JV with Gamuda represents a significant milestone for the firm, marking its foray into the London student housing market with Woolwich becoming its eleventh UK asset to date.
“We are targeting further UK PBSA opportunities with Gamuda as part of our respective larger strategy in the sector,” he adds.