Bedell Cristin, acting alongside DLA Piper UK LLP, has advised Harrison Street on the sale of four purpose built student accommodation (PBSA) assets to City Developments Limited.
The transaction comprises four PBSA assets in Canterbury, Birmingham, Coventry, and Leeds 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 portfolio produced an attractive return with a gross purchase price of £185 million, which represents 33% more than cost basis. This disposition reinforces capital markets continued demand for demographic-driven real estate, despite the broader market slowdown.
The Bedell Cristin team was led by partner Bruce Scott and senior associate Daniel McAviney.
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