The Carlyle Group acquires three development sites – London
Carlyle has acquired the sites, which include Hammersmith Palais, the former concert venue and nightclub, a property on Ewer Street in Southwark and a site on Goswell Road in Islington, through its joint venture with Generation Estates (‘Generation’). Generation will be responsible for the development process and will ultimately manage the completed properties under a new student accommodation brand, which is to be launched in the second quarter of this year. Carlyle and Generation aim to create a London portfolio of 4,000-5,000 beds over the next five years. Carlyle is investing through its third European real estate fund CEREP III, which raised €2.2 billion of equity in 2008.
The three new developments, which will provide ca. 1,400 beds in total, are expected to be delivered and ready for occupation during 2013 and 2014. Once complete, the new facilities will comprise a mix of studio rooms (en suite plus kitchenette) and smaller en suite study bedrooms. In addition to Carlyle’s Isledon Road project, which was acquired in September 2010 and will be ready for occupation in August, ahead of the 2012/2013 academic year, these new acquisitions extend Carlyle’s total capacity to ca 1,800 beds in London, with a total development value of around £300 million. Carlyle also has a Benelux-focused student accommodation joint venture with City Living in the Netherlands, which was formed in October 2009 …