Student property provider Crosslane has moved into the co-living market with a £355m pipeline as it eyes three new developments in London.
Crosslane Co-Living has secured sites in Walthamstow, east London and Manchester’s Deansgate to build 366 new rooms over the next two years. The rental model, which is aimed at millennials, sees tenants rent individual rooms and share facilities.
The company has identified two London commuter belt sites for development as well as a fifth site in Liverpool.
Recent research by JLL, which has been advising Crosslane for 18 months, showed that the European co-living sector is expected to triple in size during the next two years.
Last month, The Collective and DTZ Investors launched a £650m institutional fund to build or acquire between six and ten new developments in the capital over the next decade.
Crosslane Co-Living managing director Mark Hughes said: “We have been avidly following urban market trends and the emergence of co-living has presented a prime investment opportunity for us and our clients.
“We are pleased to now be bringing our first two co-living sites to market and will be working closely with JLL to progress investment conversations.
“In the coming year, we will be extending our pipeline in three new UK city locations and are actively looking for additional sites to meet the growing institutional investment opportunity in this living asset class.”
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