Four student accommodation properties sold for £185m
Investment management business, Harrison Street, has sold four purpose-built student housing properties to City Developments Limited (CDL) for £185m.
The deal comprises four purpose-built student accommodation assets in Leeds, Birmingham, Coventry and Canterbury with a total number of 1,657 beds.
The assets were individually developed by Harrison Street European Property Partners II, alongside two joint venture partners – Linkcity – the property development arm of Bouygues UK – and Crosslane Property Group – and ultimately packaged in a portfolio for sale.
The seller was represented by JLL, DLA and Deloitte on the transaction.
Paul Bashir, chief executive officer of Harrison Street Europe, said: “We are pleased to partner with the high-calibre team at CDL to complete the sale of these four, high-quality purpose-built student accommodation (PBSA) assets.
“Thanks to the hard work and execution capabilities of our team, the portfolio produced an attractive return in a difficult macroeconomic environment, demonstrating Harrison Street’s ability to identify assets that are backed by demographic-driven trends and exit through strategic portfolio sales.
“We will continue investing in PBSA assets across Europe with confidence given the attractiveness of these properties in the current market environment.”
Harrison Street has invested in nearly 215,000 student beds throughout North America and Europe since inception in 2005 and has invested approximately €2.5bn across nearly 55 properties in education and student housing assets throughout the UK, Ireland, France, Germany, and Spain.
Additionally, the business has invested over $20bn and sold more than $7.5bn in student housing properties globally since inception.