QuadReal Property Group has expended more than ₤500 million (CAD $915 million) to acquire eight purpose-built student apartment buildings in the United Kingdom. The resulting addition of 3,460 beds will significantly boost the company’s existing 1,000-bed complement of student housing holdings in the U.K., as it continues to pad the residential quotient of its global portfolio.

“This transaction is fully aligned with our fundamentals-driven residential strategy in Europe, and student accommodation is a crucial sector for us,” says Kristian Branum-Burns, QuadReal’s senior vice president, international real estate, in Europe.

The buildings were acquired from funds and entities under Apollo asset management’s stewardship; were all built toward the end of last decade; and boast high-end specifications and amenities such as gyms, co-working spaces, audio-visual rooms and event space. They are located near some of the most prestigious universities throughout the U.K. and serve what QuadReal describes as a “structurally undersupplied” market niche.

That’s projected to fall about 840,000 units short of nationwide student demand by 2027. The U.K. already has Europe’s largest student population and captures a greater share of foreign students than its peer European nations, while the overall number of fulltime students has been rising.

“We have been actively looking to grow our purpose-built student accommodations exposure in the U.K. and this is an opportunity to expand our student housing platform,” says Jay Kwan, QuadReal’s managing director in Europe.

Globally, QuadReal holds 28,000 student beds, predominantly in North America and Australia, and 65,000 residential units.