KUALA LUMPUR: Gamuda Bhd and Singapore-based private equity firm Q Investment Partners (QIP) will invest around £100 million in a student housing project in the United Kingdom.
As part of the partnership, QIP will collaborate with UK-based co-developer Hurlington Capital to build a new 299-bed purpose-built student accommodation (PBSA) at 81-88 Beresford in Woolwich, London.
It was reported that Hurlington Capital acquired the 81-88 Beresford site in 2020.
Ideally located, it is part of the multi-billion pound redevelopment of the historic Royal Arsenal in London.
Construction will commence in the third quarter of 2024, following the completion of demolition.
The development will feature a mix of 150 studios and 149 cluster rooms, making it the first PBSA scheme in the regeneration area.
It will also include a community engagement programme, 35 per cent affordable student accommodation, and achieve BREEAM Excellent and EPC A ratings.
The accommodation is expected to be available for the 2026-2027 academic year, according to published reports.
QIP's subsidiary QIP Development Group (QIPDG) will lead as the development manager, supported by Hurlington Capital.
Gamuda Land chief executive officer (CEO) Chu Wai Lune said the partnership with QIP aligns with the company's focus on high-yield quick turnaround projects (QTP) and growth in familiar territories.
He added that by strategically balancing township developments with QTPs, the company can deliver sustainable, high-quality developments with greater efficiency.
Peter Young, CEO and co-founder of QIP, noted that the joint venture with Gamuda marks QIP's entry into the London student housing market, with Woolwich becoming its 11th UK asset to date.
He reportedly said the company was targeting further UK PBSA opportunities with Gamuda as part of its broader strategy in the sector.
Young said the successful closing of the transaction underscores its commitment to investing in high-quality student housing by delivering over 2,000 beds across prime university cities.