Maven Capital Partners has increased its stake in the UK student housing market by undertaking a major property development in Edinburgh.

Maven will act as the asset manager for a £19 million investment on behalf of IP Investment Management (IPIM), a Singapore-based investment fund.

This is Maven’s second partnership with IPIM in the student accommodation market, following the acquisition in March of a site in Selly Oak in Birmingham which will provide 100 studios when completed in September 2016.

The latest investment will see 255 purpose-built bedrooms built on Gorgie Road in Edinburgh, within three miles of the city centre, adding 92,000 sq ft to accommodate the city’s growing student population.

Peter Young, director at IPIM, said: “We are committed to building a robust portfolio of student accommodation assets across the UK and we see Edinburgh as a crucial part of this. More than 70% of Edinburgh’s full-time students are unable to live in student halls or purpose-built housing, creating an evident need for well-located and high quality accommodation.”

“Our new site is in an excellent location, en route to the city centre from Heriot-Watt University Campus at Riccarton and Edinburgh Napier University’s Sighthill, Craiglockhart and Merchiston Campuses, offering convenient housing options that are truly needed by the city’s students.”

“We see the student accommodation sector as a highly attractive asset class and are committed to working with developers in this sector. We will continue to actively pursue a pipeline of similar deals in the coming months.”

Andrew Whiteley, Investment Director at Maven Capital Partners, added: “The Gorgie Road property will be an excellent addition to the Edinburgh student accommodation market, which remains substantially undersupplied. We are looking forward to getting on site early in the New Year and to delivering another high quality asset to IPIM well ahead of the start of the 2017/18 academic year.”