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News Release

London

JLL sells one of largest privately owned student housing portfolios in the UK


​LONDON, 11 April 2017 - JLL has advised real estate funds managed by Blackstone on the sale of the Union State Portfolio to the Canada Pension Plan Investment Board. The portfolio will trade under the Liberty Living banner following completion.

The portfolio includes over 6,600 beds in 12 locations in the UK, one in Spain and one in Germany. Previously known as Victoria Hall, the portfolio was managed under the "Union State" brand. The sale presented purchasers with a large scale opportunity to for new entrants to either grow the Union State brand or merge it into an existing platform. The UK assets are located in top University Cities, with 78% of beds located in Russell Group University towns. There are 950 operating beds in Germany and Spain providing an entry into new markets. The portfolio has a secure income stream underpinned by high occupancy levels.

Huw Forrest, Director in JLL’s Alternative’s, commented: “The portfolio represents a great opportunity for investors to secure a well let portfolio of trading assets and there has been strong demand in the investment market for these types of assets over the last 12+ months. The portfolio has received a large amount of recent capital investment and is positioned in the mid–market sector offering excellent value for money. The UK, Germany and Spain are top global student destinations with large and growing student populations but a shortage of purpose built student accommodation. We will continue to see growing investment into the sector as its resilient attributes will be appealing to investors in the current volatile economic and political environment.”