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Transactions - FEBRUARY 26, 2020

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Goldman Sachs and Wellcome sell iQ Student Accommodation to Blackstone

by Andrea Zander

Goldman Sachs Merchant Banking Division and the Wellcome Trust have agreed to sell iQ Student Accommodation (iQ) to Blackstone for £4.66 billion (€5.5 billion/$6 billion).

The transaction is the largest ever private real estate transaction in the United Kingdom and subject to regulatory approvals, said the companies in a statement.

iQ Student Accommodation is one of the United Kingdom’s leading providers of purpose built student accommodation. It was formed in 2006 with Wellcome as one of the founding investors, and it merged with Goldman Sachs’ student housing business in 2016. Today, the company owns and manages more than 28,000 beds across the United Kingdom, with a focus on Russell Group cities, and with a development pipeline in excess of 4,000 beds all located in cities of highest student growth and demand. iQ’s portfolio of purpose-built assets is concentrated in London, where iQ is the largest owner of student accommodation, and other leading U.K. univ

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