Guernsey: Guernsey Fund To Target Student Accommodation In Europe
Last Updated: 2 April 2013

A new Guernsey regulated fund has been launched to target the potential of the European student accommodation market.

The Victus European Student Accommodation Fund will invest in a blend of mature existing properties and new developments in major university cities across Europe. It has already raised more than £10 million of initial investment prior to its first dealing day.

The fund will work with joint venture partners and local developers within the university locations to gain regional insight, complementing Victus' property and investment expertise. The expected annual return will be 10-12% pa.

Mourant Ozannes advised on the Guernsey legal and regulatory aspects of the fund launch, while Pinsent Mason LLP were UK legal advisers. Ardel Fund Services Limited in Guernsey has been appointed as administrator to the fund, with Royal Bank of Canada (Channel Islands) as the custodian.

James Metcalf, of the Crosslane Group which is the property adviser for Victus, said: "After extensive research we've found that the European student accommodation market is around 10-15 years behind the UK. There are few open market transactions at the moment which means there are huge opportunities for growth. At Crosslane, we have gained a great deal of experience in this sector, having already created two UK student accommodation funds."

The first acquisitions by the fund are expected to complete imminently.

Commenting on the launch, John Greenwood, CEO at Creechurch Advisory Services, said: "The property market presents pockets of opportunity at present and European student accommodation is one attractive option that we're incorporating into our clients' portfolios."

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