Our Brazilian student accommodation joint venture with VBI Real Estate saw two new student housing buildings opened in Santos and Jardins, Brazil, while two more sites went under development. Our investment programme is now committed to eight sites in total which, when complete, will deliver over 2,200 student beds.

Our strategy is to acquire underutilised buildings close to university campuses in Brazil and retrofit them into high-quality specialist accommodation, enabling students to live with their peers and maximise their university experience. While occupancy rates of our existing properties have been lower than expected due to Covid-19, universities have slowly reopened to in-person teaching, meaning our three established sites are now on target to reach pre-pandemic occupancy.