Shared 05 June, 2024
Privately held investment firm Cain International has appointed Oliver Cummings as Managing Director, Head of PBSA, Europe. Oliver will lead the company’s PBSA equity strategy as the firm aims to build a portfolio of over 10,000 beds across Europe in the next five years.
Oliver will report to Arvi Luoma, who leads Cain’s European equity strategies. His team includes Matteo Busetti, Vice President, who has played a key role in Cain’s existing PBSA investments.
“Oliver’s appointment marks a crucial step in advancing our European equity strategy, specifically within the living sector. His expertise in PBSA across our target geographies will be vital as we aim to build a premium portfolio of 10,000 student beds within the next five years and further establish Cain’s presence in this growing asset class.” – Arvi Luoma, Cain International
Oliver brings nearly 15 years of PBSA investment experience to Cain. During his career, he has managed the acquisition, development, financing, delivery, asset management, and disposal of over 16,000 student beds. This amounts to a combined market value of approximately €1.5bn across the UK, Spain and Portugal.
Oliver also played a key role in establishing an independent operating platform and brand to enhance the performance and outcomes of portfolio assets.
Most recently, he served as an Investment Officer and Head of European Student Housing Asset Management at W.P. Carey on behalf of two managed funds. Prior to this, he specialised in PBSA at Dartmoor Capital Management.
“This was a unique opportunity to join a dynamic investment firm with a well-established track record and exciting plans for growth. Cain’s integrated expertise across both real estate credit and equity in the PBSA sector positions us well to make strategic moves based on a partnership approach across Europe’s core markets. I look forward to being a part of Cain’s continued evolution.” – Oliver Cummings, Managing Director, Head of PBSA, Cain International
The new appointment follows a period of growth for Cain’s real estate equity and credit portfolio within the living sector, one of its core specialisms. This includes a £500m PBSA forward-funding deal in 2023 delivering 2,389 student beds across Russell Group UK university cities, with investment backing from Menora Mivtachim.
Since 2020, Cain’s credit platform has provided over £400m in construction financing for the PBSA sector across the UK and Spain, including a recent £91.5m construction loan to Vita Group for its inaugural House of Social development in Manchester.
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