The JV is looking to build a £100m portfolio of between five and 10 student properties over the next five years.

It will look to buy existing assets in towns or cities linked with Russell Group or tier-one universities for between £10m and £20m before refurbishing them. Patron has committed £35m in equity.

The JV’s first purchase is Beech Gardens, a 250-bed development in Edgbaston, Birmingham. Cushman & Wakefield advised Patron on the deal.

Almero Student will manage the assets purchased by the JV while funding for the JV came from Patron Capital’s recently closed Fund IV.

Keith Breslauer, managing director at Patron Capital, said: “We are pleased to enter the UK student accommodation market with our partner, Curation Capital.

“Despite the turbulence caused by the pandemic, PBSA has shown resilience, and recent figures from UCAS show that the number of applications for university places is up 8.5%, supported by the counter-cyclical benefits of higher education and an uncertain economic backdrop.

“We see significant opportunities in this market, particularly where value can be driven from refurbishment, additional development and targeted asset management.”

Michael Haverty, founding partner of Curation Capital, said: “We are delighted to have partnered with Patron Capital, who are philosophically aligned with us and bring a wealth of experience to our team. The relationship will allow us to build and create a high-quality portfolio of student assets in Russell Group and tier-one towns and cities.

“The Beech Gardens Birmingham acquisition offers a fantastic opportunity to own an asset in a top national student market. We intend to follow this up with further acquisitions throughout the next few years.”