Trowers & Hamlins advises Apache Capital on £160m student accommodation sale
Top 40 law firm Trowers & Hamlins has advised Apache Capital Partners in the sale of their £160m asset, in East London.
The 458-bedroom purpose-built student accommodation (PBSA) scheme in Paul St. East, Shoreditch was bought by a joint venture comprising of Greystar Real Estate Partners, the Public Sector Pension Investment Board (PSP Investments) and Allianz Real Estate.
Greystar stated that the latest acquisition will enable the joint venture to further realise the potential of the Chapter brand, including its goal of delivering 10,000 student beds within five years.
Apache Capital said it plans to reinvest funds from the deal into its own build-to-rent pipeline with Moda Living, the UK multifamily platform with 6,500 apartments across nine cities.
John Dunkerley, CEO at Apache Capital Partners, said:
“The sale price of Paul St. East not only underlines the continued attractiveness of UK PBSA to institutional investors and the growing maturity of the sector as an asset class but also shows the benefit of investing heavily in creating aspirational lifestyles for our residents through marketing, amenity provision and high-quality service."
“By being an early mover in to UK PBSA and creating a genuinely premium product, we have delivered exceptional returns for our investors, which further underpins our rationale behind our current strategy with Moda Living in build-to-rent, where we are creating one of the largest branded portfolios with a similar focus on prime locations and high-quality amenity and services.”
Nick Harrisingh commented, "At Trowers our focus is always adding value for clients, and we're delighted to have been involved a deal that allows Apache to pursue their long-term goals."