Technology-enabled student housing chain Oxfordcaps has entered into a joint venture with edu-infra asset specialist Cerestra Advisors Pvt. Ltd to focus on on-campus and educational institutions underwritten student housing, the companies said in a statement.
Under this JV and new brand name ‘CUIB’, Cerestra and Oxfordcaps have created a separate firm to acquire, operate, and develop student housing infrastructure.
Hyderabad-based Cerestra has set aside $125 million for investments in student housing infrastructure, and CUIB targets to close 25,000 beds, the statement said.
The development comes soon after VCCircle first reported the duo have formed a joint venture and bid for a student housing asset in Bengaluru.
In mid-2018, Cerestra announced plans to add on-campus student housing to its portfolio and become a full-service education infrastructure asset owner. After having acquired a 3,000-bed facility at Jain University, it now eyes an all-India presence.
Oxfordcaps, which is backed by Kalaari Capital, Times Internet, and 500 Startups, manages 50+ hostels in 8 cities across India. These include multiple on-campus and near-campus facilities for universities such as AISSMS, SVIET, Presidency University, RV College, Ahmedabad University, IFIMB and Lexicon Management Institute.
“Joining forces with Cerestra will give both of us an edge to emerge as the most efficient entity to provide educational institutions a one-stop-shop for acquisition, operation, and development of on-campus and near-campus student accommodation,” Annu Talreja, CEO and co-founder at Oxfordcaps, said.
“Oxfordcaps’ mission to develop a world-class student housing process and infrastructure in India has received a boost with this JV. These on-campus deals are not impacted by the on-going pandemic, “Priyanka Gera, COO and co-founder at Oxfordcaps, said.
“Together we aim to create a seamless way of acquisition, operations, and development of student housing assets,” Gera added.
Jasmeet Chhabra, managing partner at Cerestra, said the firm was on the lookout for like-minded partners who understand operating the Student Housing Space. Cerestra is the largest edu-infra platform in India for the education sector and has emerged as a preferred ‘non-competing landlord of choice’.
“Cerestra would be providing a holistic solution to educational institutions by giving both liquidities by acquiring the student housing assets and providing a new level of living experience to the students through this JV,” Chhabra said.