US-based CA Ventures is to invest millions of euro in developing student accommodation in Ireland, with plans for more than 500 beds in Dublin and Belfast.
The company said it expected to invest £500 million (€566 million) per year by 2021 to develop purpose-built student accommodation in the UK and Ireland, with an additional £200 million a year in Spain, and £150 million in both Portugal and Italy.
CA Ventures said it would have 888 beds in the UK ready for the 2021-2022 academic year,with 422 beds in Glasgow near the University of Strathclyde and within walking distance of Glasgow Caledonian University and the University of Glasgow; 216 beds accessible to both Edinburgh Napier University and the University of Edinburgh; and 250 beds near Sheffield University and Sheffield Hallam University. Further schemes are also being planned for Bristol, York and Edinburgh.
CA has delivered 50,000 beds in North America.
“Outside of the US, the UK is the largest destination for international students but remains severely undersupplied with purpose-built student accommodations,” Mr Matta said.
"The UK government's recent extension of residency rights for international students, post-graduation, is a great signal to the global student community," he added. "We see a significant opportunity in the UK, Ireland and continental Europe, to deliver a modern, high-quality student living experience. Limited supply, increasing obsolescence of older product and growing university enrolment has created a very favourable supply-demand dynamic, and we at CA Ventures have invested heavily in building out a development and property management infrastructure to execute our long-term growth plan."