Partners Group and Aboria Capital acquire UK PBSA portfolio

Partners Group, one of the world’s largest private markets investment firms, acting on behalf of its clients, and Aboria Capital have completed the acquisition of a five‑asset, 1,570‑bed purpose‑built student accommodation (PBSA) portfolio from HSBC Asset Management for approximately £165 million (€192 mln).

Aboria Capital - Jessica Hardman and Bay Downing

The transaction was executed through a joint venture between Partners Group, the Downing family office, Aboria Capital and a UK single family office. It marks Aboria’s first acquisition since launching its operational real estate platform in partnership with the Downing family office, one of the UK’s largest privately owned property groups and an early pioneer in the PBSA sector.

The portfolio provides exposure to some of the UK’s most resilient and demand‑driven student markets, with a strong concentration around Russell Group universities. It is already 98.2% let for the 2026/27 academic year, reflecting sustained demand for high‑quality accommodation in Liverpool, Newcastle, London and Cambridge.

The UK PBSA sector continues to benefit from robust fundamentals, supported by the global reputation of its higher education system. Undergraduate acceptances reached record levels for 2026/27, with nearly 42% of places taken at higher‑tariff universities and international acceptances rising 5.5% year‑on‑year.

Partners Group invested through its real estate secondaries strategy, which targets high‑quality, income‑producing assets via GP‑led and LP‑led secondaries. Aboria Capital’s vertically integrated model combines investment management with Downing’s refurbishment and operational capabilities, providing oversight from acquisition through day‑to‑day operations.

Henrik Orrbeck, Global Co‑Head Real Estate at Partners Group, said the portfolio is strategically located across the UK’s leading university cities and reflects strong long‑term fundamentals. Jessica Hardman, CEO of Aboria Capital, said the scale and quality of the assets, combined with Aboria’s operational model, create a compelling opportunity to enhance income and long‑term performance.

Tim Williams, Head of Real Estate Investment at HSBC Asset Management, said the sale follows an extended hold period and delivers a positive return of capital to investors, noting the portfolio’s consistently strong occupancy and high‑quality locations.

HSBC Asset Management was advised by CBRE and Pinsent Masons.