Chicago-based CA Ventures (“CA”), a global, vertically integrated real estate investment management company, today announced the launch of Novel Student, a pioneering property management platform that will operate the firm’s portfolio of purpose-built student accommodation (“PBSA”) assets throughout Europe. Novel’s first three communities, located in Glasgow, Edinburgh and Sheffield, together comprise 897 beds and are scheduled to deliver for the 2021-22 academic year.

“In early 2018, we announced our expansion into the European purpose-built student accommodation market and, since then, have developed a premium product that caters to the needs and aspirations of today’s students,” said John Diedrich, global head of investments for CA. “With an international student portfolio that includes more than 20,000 beds, CA understands how to pair thoughtful, sustainable design with best-in-class services and amenities to create dynamic residential environments with universal appeal. Novel takes that successful model and customizes it for the fast-growing European market.”

At launch, Novel’s portfolio will include the following properties, all developed by CA:

• Hillside House, a 250-bed community at 86, Winter Street, Sheffield, near Sheffield University and Sheffield Hallam University
• Bridle Works, a 422-bed community at 350, Cathedral Street, Glasgow, close to the University of Strathclyde, University of Glasgow and Glasgow Caledonian University
• Silk Mill, a 225-bed community at 162, Dundee Street, Edinburgh, near Edinburgh Napier University and the University of Edinburgh

Each Novel community will feature a range of shared amenity spaces designed to foster a sense of community among residents and facilitate a well-rounded, live-work-play lifestyle. While offerings vary by location, representative amenities include breakfast bars with complimentary coffee service, study and meeting rooms, tea lounges, and abundant outdoor space featuring BBQs and pizza ovens. In their free time, students can unwind in relaxation rooms; exercise in gyms and other on-site wellness spaces that offer fitness classes led by personal trainers; or socialize in one of Novel’s “no study zones,” which include traditional and digital gaming rooms, dry bars, indoor and outdoor cinemas, karaoke lounges and glam rooms where they can get ready for a night out.

Underscoring Novel’s customer-focused, tech-centric approach to design, many common areas will feature customizable features such as dimmable lighting, integrated sound systems, video door entry systems and plug-and-play capabilities in meeting rooms.

Novel residents will also benefit from weekly planned social gatherings and career events, such as CV writing seminars and professional headshot sessions. Each community will be staffed by an on-site property manager, leasing manager and dedicated team of community assistants, some of whom have mental health training to improve the level of service delivered to residents.

Individual residences at Novel communities will feature en-suite boutique bedrooms, kitchens with dishwashers and integrated washers and dryers, private high-speed WiFi as part of an all-inclusive utility package, and access to shared trash chutes in lift lobbies – a unique offering in the U.K. PBSA market.

Developed in response to the wide demand for modern, high-quality student living, the Novel platform has already amassed an extensive European portfolio, with additional locations across the U.K., Ireland, Spain, Italy and Poland confirmed for 2022 and 2023 deliveries. Including those developments, as well as others throughout continental Europe, Novel plans project starts totaling more than $1.1 billion through 2022. CA will also provide third-party management services, allowing other PBSA investors to benefit from Novel’s comprehensive operational platform.

“Despite challenges created by the COVID-19 pandemic, we know the European PBSA market will prove resilient as demand for housing continues to outpace supply and a growing number of students pursue a global education,” said Carlo Matta, head of Europe for CA. “Novel is positioned to enter the market at an optimal time for growth and, through CA’s development expertise and relationships with capital partners and stakeholders in each country, will quickly gain market share, setting a new standard for student accommodation across Europe.”

For more information about Novel, visit www.novelstudent.com. Additional information about CA’s third-party management services can be found at www.ca-ventures.com.

About CA:

CA is a global, vertically integrated real estate investment management company with more than $13 billion in assets across North America, South America and Europe. The Chicago-based firm offers comprehensive in-house investment, development, and operational services, and specializes in a range of niche, commercial real estate asset classes including student living, senior living, multifamily, industrial, medical office and life sciences. CA manages real estate investments on behalf of some of the world’s largest institutional investors across a range of core, value-add and opportunistic investment vehicles. The firm also offers third-party management services for student, senior and residential assets. For more information, visit www.ca-ventures.com.