Lismore are delighted to present The Minerva Portfolio, a rare opportunity to acquire a stabilised portfolio of six operational PBSA assets comprising 848 beds across Aberdeen and Dundee, two of Scotland’s most established university cities with highly constrained student accommodation supply.
The portfolio offers investors a compelling combination of secure income, proven operational performance, strong rental growth and asset management opportunities, underpinned by resilient student demand and an established domestic occupier base.
Investment Highlights:
- Significant barriers to entry, with limited new PBSA development across both markets.
- 848 operational PBSA beds across six assets in Aberdeen and Dundee.
- 100% occupancy achieved across all assets for the last five academic years, including AY 2026/27.
- Projected gross income of £4.85 million for AY 2026/27.
- Projected NOI of approximately £2.91 million.
- Strong rental growth with a 5.5% CAGR between AY 2022/23 and AY 2026/27.
- Highly resilient occupier profile with 86% UK-domiciled students.
- 39% re-booker rate, supporting consistent occupancy and income security.
- Strategically located assets, all within a 10-minute walk of their respective university campuses.
- Serving a combined student population of over 36,000 full-time students.
- Focused on the increasingly sought-after affordable cluster-flat accommodation sector.
- Average weekly rent of just £129, significantly below wider UK PBSA averages.
- Professionally managed by Mezzino since 2020, delivering strong occupancy and rental performance.
- Multiple asset management and value-add opportunities, including refurbishments, amenity enhancements, ancillary income initiatives and consented expansion opportunities.
We are seeking offers in excess of £40,000,000, reflecting an attractive 7.12% Net Initial Yield and a low capital value of £47,170 per bed.