Wed, 23 Sep 2026 | BUSINESS SALE
MCR Property Group has expanded its national student platform with the acquisition of Njoy Student Living, a company that operates student accommodation in Manchester and Leeds. The deal adds around 800 beds and apartments to MCR’s Flow Student platform, taking its portfolio to more than 8,000 beds.
The acquisition comprises the Njoy operating business, along with its underlying property, adding established operations in two of the UK’s key university cities. With further transactions in progress, MCR expects Flow Student to pass 10,000 beds in the near term, with the next major objective being to reach 15,000 beds.
The Njoy portfolio comprises the Carr Mills 301-bed purpose-built student accommodation (PBSA) scheme in Leeds, and a Manchester portfolio consisting of Langdale Hall, Langdale Courtyard, Carfax Court Flats, Naburn & Welby Street, Hathersage Road and Q3 Apartments. MCR previously owned a number of the properties.
MCR Property Group Fund Director Nick Lake said: "The strategic logic is straightforward. We know these assets, we know these cities and we know where we can add value. There is also a full-circle element. MCR previously owned a number of the properties and we are now bringing them back into the Group as part of a much larger and more ambitious student platform.”
"Manchester and Leeds are priority markets. They have significant and resilient student populations, but just as importantly they are thriving cities attracting substantial investment, development and employment. MCR is already highly active in both.”
According to Lake, in addition to providing a strong presence in key locations, the portfolio also offers significant potential for further development, with opportunities for additional rooms and apartments as the firm invests in and repositions individual assets.
MCR has identified significant opportunities to add further rooms and apartments across parts of the estate, subject to gaining the necessary planning and development approvals. Carr Mills and several Manchester assets are set to undergo multimillion-pound refurbishments and capital expenditure programmes.
Lake added: “We are not interested in simply accumulating beds. We want density, operating scale and good real estate in cities where we have conviction. Njoy gives us an established business and local operating capability, while Flow brings capital, technology, marketing, asset management and the infrastructure of a national platform."
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