Invesco Real Estate, the USD 90bn global real estate investment business of Invesco
Ltd. (NYSE: IVZ), is to develop a 261-bed Purpose-Built Student Accommodation (PBSA) asset in
Manchester in partnership with Alumno Group, a leading PBSA developer.
Set to complete in the third quarter of 2026, the development site has been acquired on behalf of
Invesco Real Estate Europe Fund III – SCSp (Europe III), the third European value-add strategy in
succession for the firm. The site is located less than a 10-minute walk from the centre of the University
of Manchester campus and a c. 15-minute walk to Manchester Metropolitan University.
The 50,000 sq ft property will comprise of 207 cluster beds, of which 52 will be affordable, and 54
studios. The project is targeting both an EPC A rating and BREEAM Excellent1
Among other features,
hot water will be generated via air source heat pumps while 74 cycle spaces will be made available, in
accordance with BREEAM standards.
Full-time student numbers in Manchester have increased by 14% in the five-year period since 2017/18,
and the city’s student accommodation market remains fundamentally undersupplied. Of the 74,666 full time students studying in Manchester, only around 40% can be offered accommodation by their
respective universities or are able to lease a room in a private direct let PBSA scheme.

Alumno has delivered more than 9,000 PBSA beds since 2006 and has gained significant
market share by specialising in creating high-quality, tenant-centric accommodation.
Rob Johnston, Managing Director, Head of Investments, UK & Nordics, Invesco Real Estate, said: “The
UK’s PBSA market continues to offer strong investment opportunities, particularly in critically
underserved cities such as Manchester. We are delighted to have secured this well-located site and
look forward to working with Alumno to deliver a high quality product to the market, which will ultimately
create value for our investors.”
Kevin Grundy, Managing Director – Fund Management, Europe, Invesco Real Estate, said: “Market
repricing and the temporary retreat of core capital have combined to open up a number of attractive
opportunities around Europe in sectors with positive tailwinds such as PBSA. We expect Europe III to
be active in this sector as well as others where the risk/return balance has moved in favour of value add investors who are prepared to move with speed and conviction.”

Commenting on behalf of Alumno, Founder and Managing Director, David Campbell added: “It is a
significant step and highlight for the company to be working on this exciting project, with such an
established and well regarded global investment leader, such as Invesco Real Estate. We are looking
forward to progressing the project with the Invesco team and delivering a first-class building, our second in Manchester