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Eversheds advises LetterOne Treasury Services on £680m investment in UK student accommodation

  • United Kingdom

    06-03-2015

    Law firm Eversheds has advised investment firm LetterOne on three transactions, acquiring ten student accommodation properties with over 3,300 beds.

    In the first transaction, LetterOne acquired Pure Student Living from The Carlyle Group. The purpose built student accommodation comprises 2,170 rooms across five central London sites. Four of the assets, which are fully operational, are located at Highbury, Hammersmith, Bankside and in the City. The fifth facility at Whitechapel, will deliver a further 417 rooms when it completes in August 2015.

    LetterOne has also acquired the 253 bed Paris Gardens scheme in Southwark, London from McLaren Property and Apache Capital Partners for £61m. It has also committed to acquire McLaren’s Union Portfolio, comprising four student accommodation developments located in Bath, York, Edinburgh and Brighton with a combined total of 839 beds for £83m.

    Eversheds advised LetterOne on all legal aspects of the acquisitions and were assisted by Loyens & Loeff in Luxembourg.

    The team was led by Nicholas Bartlett and Aleen Gulvanessian.

    Nicholas Bartlett commented:

    “Developments in student accommodation over recent years have created a wealth of opportunities for private investors. LetterOne is committed to the sector and has a long-term strategy to deliver exceptional services to both students and universities. In a short period LetterOne will become one of the leading owners and providers of student accommodation in the UK.”

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