This represents the duo’s second joint venture following the pair’s acquisition of the Ledra Marriot hotel in central Athens in June.

The joint venture has commenced the development of a 630-bed student accommodation scheme in Lancaster.

The development is currently under construction and is expected to be completed in time for the 2019/20 academic year.

The completed scheme will feature a range of shared facilities – including a roof level lounge, study library, gym and cinema space – which will create an attractive and secure off-hub campus.

Earlier this year, Hines launched aparto – a new in-house operating platform – to improve the experience for its student residents.

Hines’ total portfolio now features 13 student accomodation developments in the UK and Ireland, with a combined GDV of more than £500m.

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“This landmark development in Lancaster represents Henderson’s Park’s first entry into the student living market and the first for this new joint venture with Hines,” said Nick Weber, founding partner of Henderson Park.

“Lancaster is one of the UK’s top universities and has a large and growing population of domestic and international students, but an acute under supply of modern, purpose-built student accommodation, which this investment will help address.

“We now look forward to working with Hines to source further interesting opportunities for future investment in this sector across a range of different European cities, where we believe there are also compelling underlying fundamentals.”

Lars Huber, CEO of Hines Europe, added: “We are very committed to the student housing sector, and look forward to expanding our growing portfolio in other markets across Europe through this joint venture with Henderson Park.

“We will be identifying locations with vibrant and dynamic student populations, working closely with universities to help meet the increasing demand for high-quality, well-managed accommodation.”