Orka Investments acquires Exeter PBSA scheme

Orka Investments has acquired Hill View Place, a 226-bed purpose-built student accommodation scheme in Exeter, according to The Intermediary. The London-based real estate investment manager completed the purchase through its joint venture with a global institutional real estate investor. Publisher reports indicate the scheme is 100% occupied for the 2026/2027 academic year and brings the joint venture's portfolio to 1,512 beds across four cities, while Orka's wider PBSA portfolio now totals 2,080 beds.

Investec Real Estate provided an acquisition loan to part-fund the transaction. The facility includes an accordion structure intended to support further acquisitions. Sebastian Walley of Investec Real Estate said the bank has built a track record of more than 15 years funding high-quality, well-located student schemes, and noted a preference for sponsors who understand customer demand trends and manage leasing arrangements, which he said typically produces a more reliable income stream across a cycle.

The scheme offers en-suite rooms, studios, townhouses and penthouse apartments, along with a gym, cinema lounge, games room, communal lounge and outdoor space. Simmons & Simmons advised the joint venture on legal matters, Colliers carried out technical and environmental due diligence, and Newmark acted for the vendor.

Raoul Malhotra, founder and chief executive of Orka Investments, said the period when student housing could rely on rapid rent growth has ended, changing where returns originate. He noted that students now choose between purpose-built accommodation, shared houses, build-to-rent and living at home, and that PBSA cannot always win on price alone. Philippe de Croÿ-Solre, vice president of investments, described Hill View Place as a high-quality, fully let scheme in a Russell Group city where applicant numbers are rising faster than anywhere else in the group, and said further acquisitions are in the pipeline.