10-year deal for student lettings group

A FACILITIES management group based in Harrogate has signed a 10-year joint venture agreement with Acis Group to co-own and manage more than 1,100 units for students, which were acquired from the Beach Student Accommodation Fund in a deal worth £40m.
By The Newsroom
Published 4th Apr 2013, 15:34 BST

The JV, called Eione LLP, will see Acis Group take a 51 per cent share with Derwent FM owning 49 per cent. The idea is for Eione is to be a one-stop-shop for student accommodation and facilities management.

Both residences, the Trigon in Sheffield and Raleigh Park in Nottingham, will be operated by Derwent Students, the specialist student accommodation division set up by Derwent FM in January.

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Acis Group is a not-for-profit organisation established in 1999 and provides more than 5,000 affordable homes across Lincolnshire, Nottinghamshire and South Yorkshire. It also offers shared-ownership housing, as well as sheltered housing.

Acis Group says the move into student accommodation will generate a positive return that will be invested into social housing. Derwent FM re-invests 75 per cent of its profits from student services and facilities management activity into developing new properties and maintaining Derwent Living’s existing housing stock.

Kate Outram, head of Derwent Students, said: “This JV is a strategic long-term partnership, which will see Acis Group and Derwent FM work together to support student learning and living environments and enhance the student experience.”

Related topics:HarrogateNottinghamNottinghamshire