This extends the business’ strategic asset allocation to the direct let PBSA sector.

The student accommodation portfolio comprises a total of six assets in four cities across the UK, including, Edinburgh, Liverpool, Exeter, and Falmouth, which together provide bedspaces for more than 1,000 students.

As part of the transaction, Aviva Investors has also acquired a complementary commercial asset in Liverpool spread over 65,000 sq ft and offering mixed use leisure and retail spaces including hospitality, hotel and supermarket facilities.

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All assets align with Aviva Investors long-term sustainability ambitions, with two of the assets already having on-site photovoltaic panels installed to reduce reliance on traditional energy sources.

Aviva Investors’ operating partner will be Curlew Capital, which will be responsible for lettings, maintenance, and ongoing site management alongside property managers Fresh.

James Stevens, head of real estate investment at Aviva Investors, said: “Complementing our BTR platform of single-family homes, this significant transaction shows our ability to deploy capital at scale, alongside a proven operating partner, into a strategically important growth sector for our business.

“Student numbers are projected to continue growing in the coming years and, with a structural undersupply of PBSA, we are pleased to be able to invest into the sector and support the provision of accommodation across the country.”