Investment giant Nuveen has set up a new joint venture to buy UK student accommodation property, aiming to take advantage of what its partner described as a “new paradigm” for the sector.

London-based Orka Investments said it bought three assets as a seed portfolio for a UK student joint venture with a global real estate investor, which it did not name, but Inside Housing reported the investor was Nuveen.

The student accommodation market has entered a new cycle, Orka said, with higher volatility around the number of international students applying to UK universities and rental growth returning to pre-pandemic long-term averages. That creates new opportunities for sophisticated investors and operating partners, it said.

The seed portfolio has been bought with a debt facility provided by Investec. It comprises 1,300 beds with 90% of income from Russell Group university locations across three buildings: ABeleven in Aberdeen, Globe Works in Birmingham and Foundry Courtyard in Glasgow.

Orka said the plan is to scale up the portfolio, again targeting schemes in cities with Russell Group universities. It will look to buy existing properties, refurbish them and add amenities.

“This partnership underscores our ability to source off-market opportunities that combine defensive income with meaningful value creation,” Orka CEO Raoul Malhotra said.

The acquisitions were made on behalf of Nuveen’s value-add business, Inside Housing said.

International student visas declined to 432,000 in 2025, data from UCAS showed, driven at least in part by a tightening of rules on postgraduate students bringing dependents to the UK.

Orka and Bain Capital teamed up in 2021 to buy the 72-room Park Lane Mews hotel in Mayfair. The hotel has been refurbished and extended to 82 rooms, and it will reopen as The Shepherd Mayfair this quarter.