U.K. student housing portfolio sells for £532m
The Carlyle Group has sold Pure Student Living, a London student housing business, to LetterOne Treasury Services for £532 million ($730.6 million).
Pure Student Living’s portfolio comprises 2,170 rooms across five prime central London sites. Four of the assets, located at Highbury, Hammersmith, Bankside and City, are fully operational while the fifth facility at Whitechapel will deliver a further 417 rooms when it completes in August 2015.
The transaction has been structured to close in two phases, with the first comprising the acquisition of the four operational assets, and the deal will fully complete when Pure Whitechapel is delivered in Summer 2015.
The portfolio has been managed by Generation Estates, a specialist developer and operator that will be retained to manage the construction works at Whitechapel.
Carlyle entered the London student housing market in 2010 when it acquired the Highbury site on behalf of its third pan-