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Trowers & Hamlins advises Apache Capital on £160m student accommodation sale

Trowers & Hamlins advises Apache Capital on £160m student accommodation sale

Top 40 law firm Trowers & Hamlins has advised existing client Apache Capital Partners on the sale of its asset for over £160m, in Shoreditch, London.

A joint venture comprising of Greystar Real Estate Partners, the Public Sector Pension Investment Board (PSP Investments) and Allianz Real Estate has contracted to buy Paul St. East, a 458-bedroom purpose-built student accommodation (PBSA) scheme in Shoreditch for over £160 million.

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.

The Trowers team was led by Nick Harrisingh (Corporate partner) with support from Chris Hourihan (Real Estate senior associate), Michael Surry (Tax partner), Katharine Lewis (Banking & Finance partner) and Claire Scanlon (Corporate senior associate). 
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."

“We have enjoyed working with the Trowers team throughout the lifetime of our ownership of this asset and value their commercial approach to advising on these transactions". 

Nick Harrisingh commented, "Having advised Apache Capital on its acquisition of Paul St. East in 2013 and its subsequent development of the leading contemporary student accommodation schemes, we are delighted to have had the opportunity to see the project through to its end and advise on the sale to Greystar."

"At Trowers our focus is always adding value for clients, and we're delighted to have been involved in a deal that allows Apache to pursue their long-term goals."