L&G forward funds Surrey student accommodation block
Legal & General is to fund a new £23m student accommodation building in Farnham, Surrey, on behalf of its Limited Price Inflation Fund …
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L&G forward funds Surrey student accommodation block
Legal & General is to fund a new £23m student accommodation building in Farnham, Surrey, on behalf of its Limited Price Inflation Fund.
The 252-bed block has been pre-let to the University for the Creative Arts (UCA) and will be built on its Farnham campus.
The lease is for 35 years and covers full repair and insurance once the building has been completed. UCA will carry out the development, which it anticipates completing in summer 2021.
“The quality and affordability of accommodation can represent a large factor for students when deciding where they want to go to University,” said Derek Gilby, senior fund manager of the LPI Income Property Fund.
“We believe that quality facilities that are affordable for students can help to provide a quality education. This is an excellent buy for the Fund, offering a secure long term income stream which provides a hedge to inflation from a good University.”
Avison Young acted for L&G and UCA was represented by JLL.
Beaufort completes facility with Danehurst for 166-bed student accommodation project in Egham
Beaufort is delighted to announce the completion of a facility to Danehurst Developments, a specialist developer of purposebuilt student accommodation, for a development project in Egham, Surrey for students attending Royal Holloway, University of London.
The GDV is forecast to be in excess of £30m and will be delivered by HG Construction. The facility was completed in twelve working days in December …
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Student Castle sells student portfolio to Singapore Press Holdings for £448m
Student Castle has sold a seven-strong student accommodation portfolio to Singapore Press Holdings for £448m …
Catella acquires Krakow mixed-use scheme for €20m
The Catella European Residential (CER) Fund has acquired a mixed-use development project of residential apartments and student accommodation in Kraków, Poland for around €20m from U.S. developer Hines. The 154 new apartments and 139 student units purchased by CER, which is managed by Berlin-based Catella Residential Investment Management (CRIM) and Catella Real Estate AG (CREAG), are part of a large new residential development scheme constructed by Hines and located close to the old city centre and market square.
The residential apartments extend over two buildings, with the student accommodation in a third, and all are characterised by modern architectural design with large windows, balconies and terraces. The new developments have been completely finished and partly fitted out, with the first occupants moving into their new homes in January. The three CER buildings will operate in the future under the collective brand “Trio Kraków.”
Viktoria Hoffmann, Investment Advisor for Catella European Residential, said: “Catella Residential’s third investment in Poland and our first outside Warsaw, brings further pan-European diversification to CER and means the fund’s total assets under management have now hit €1.5bn. Kraków is Poland’s second-largest city and not only a major tourist destination, but it is also the place where the fast-growing business process outsourcing industry is increasingly choosing to locate. BPO companies occupy more than half a million square metres of offices in Kraków.” …
RM Funds leads £40m student accommodation refinancing for UNINN
Investment trust RM Funds has completed a £40m refinancing for UNINN, the UK student accommodation provider. The deal, made with Industrial and Commercial Bank of China, refinances four operational student accommodation assets comprising 640 beds across Newcastle, Sheffield, Leicester and Coventry …
M&G buys London student accommodation building for £79m
M&G has bought one of the two remaining student accommodation buildings in Blackrock’s Onyx Collection …
Scape strikes $2b Urbanest deal in year’s biggest single property sale – Australia
In the biggest single property transaction this year, student accommodation provider Scape Australia has struck a deal to acquire the $2 billion portfolio of dorms run by Urbanest.
The deal follows on the heels of its $680 million acquisition of the Atira portfolio …
Blackstone and Brookfield join £4bn hunt for UK student housing group IQ
Blackstone and Brookfield are among five potential bidders circling IQ, a UK student accommodation company, in a deal that may be worth more than £4bn, people briefed on the matter said.
The interest in London-based IQ comes as its owners at Goldman Sachs and Wellcome Trust, the medical research charity, are preparing an initial public offering of the business for which they joined forces to grow in early 2016.
Others who are also considering offers for IQ are Greystar, the US property company, Mapletree, the Singapore-based real estate investor, and Patrizia, the German real estate firm, these people said. A deadline for initial bids comes before Christmas, and people close to the sale process expected offers to exceed £4bn …