- Blackstone acquistion for GBP4.7 bln
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- Boom in the US
- Recession proof genre
- Student Housing - genre
- Mapletree of Singapore plan an IPO based on student housing Mapletree raised $535 million for US & UK Student Housing with a 5 year time horizon Recession Proof Student Housing Oz
- CPPIB, GIC acquisition in US
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- CPPIB extends reach into Germany, Spain with purchase from Blackstone
- Hines in Dublin
- TPG acquires A&O Hotels and Hostels
- Allianz, CBRE, GIP €1bn European fund
- CPPIB expands into Europe with £ 460 m Blackstone acquisition
- BlackRock in UK
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- CPP & GIC invest $1.4 bln in US student housing
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- GIC expands into student housing partnership in Germany
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London England
- Starwood invests in UK student housing
- Pension Insurance Corp provides financing
- GIC buys more in UK, from Oaktree 2016 Sept
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- Temasek related co. buys student housing in United Kingdom, including Manchester, Edinburgh, Birmingham and Liverpool. Five assets are in London for £417
- Institutional investors
- CPP buys more -five student residences from Student Castle for £330m - Bristol, Cardiff, London, Manchester and Newcastle >> MORE
- CPP invests in UK student housing for $2.1 bln
- Greystar invests £ 600 million in UK student housing
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Demand
Property Week understands that investment vehicle LetterOne - which was co-founded by Russian billionaires Mikhail Fridman, German Khan and Alexei Kuzmichev - is under offer to buy Carlyle Group and Generation Estates’ Pure Student Living portfolio at a sub-5% yield.
Pure, a 2,150-bed portfolio, comprises five London student blocks, with four completed sites in Hammersmith, the City, the South Bank and Highbury, while a fifth is under development in Whitechapel.
LetterOne is thought to have fought off competition from more established investors such as Greystar, Avenue Capital, Round Hill Capital and Unite.
With the Russian economy in crisis due to the drop in oil prices and Western sanctions, many wealthy Russians have been seeking investments in other currencies as protection against the weakening ruble.
Fridman is worth $14.1bn (£9.3bn) and is the second wealthiest man in Russia, according to Forbes, while Khan is the 10th wealthiest, worth $9.2bn, and Kuzmichev is the 16th, worth $7bn.
The trio control the Alfa Group, one of Russia’s largest privately-owned conglomerates. Luxembourg-based LetterOne was reportedly set up from the $14bn windfall Fridman and Khan received from selling a stake in the TNK-BP oil venture in 2012.
LetterOne has previously completed a real estate financing deal in the UK, providing backing for Wainbridge’s £169m super-prime resi redevelopment of 11-15 Grosvenor Crescent in Belgravia in 2013.
Its purchase of Pure will also mark the exit of private equity giant the Carlyle Group from the UK student accommodation market, just five years after its first project with Generation Estates.
The price for Pure indicates the weight of demand for student assets, with a number of huge portfolios on the market. Canadian pension fund CPPIB is thought to be close to buying Brandeaux’s £1.1bn Liberty Living portfolio, while Knightsbridge Student Housing’s Westbourne portfolio is expected to fetch £500m.
JLL advised Carlyle Group and Generation Estates. LetterOne could not be reached for comment. All parties declined to comment. -- PROPERTY WEEK
LaSalle Investment Management has bought two U.K. student accommodation assets for funds. The investment manager said it had invested $158.1 million Cdn in the separate, off-market transactions. The deals, in Birmingham and London, reflected respective yields of 5.4 and 5.8 per cent. The former, a 215,000-square-foot project, is due for completion in August next year. -- 2015 February 23
Vancouver Canada
LaSalle Investment Management has bought two U.K. student accommodation assets for funds. The investment manager said it had invested $158.1 million Cdn in the separate, off-market transactions. The deals, in Birmingham and London, reflected respective yields of 5.4 and 5.8 per cent. The former, a 215,000-square-foot project, is due for completion in August next year. -- 2015 February 23
Vancouver Canada
Nestled in the hive of activity is an 18 storey tower including packaged offices and 18 high-end service flats.
A PRC related ESL recruiting company purchased Viva Tower and will be converting the service flats to dorms to cater to international students.-- VANCITY BUZZ
China
Oz
