Mishcon de Reya has advised Fusion Students on a £1.5 billion joint venture with US investor Cain International.
The new joint venture will purchase and forward fund a purpose-built student accommodation (PBSA) portfolio of 7,500-10,000 beds in UK university cities over the next five years. Five initial sites totalling 3,000 beds will be based in Liverpool, Portsmouth, Birmingham, Manchester and Nottingham.
The joint venture doubles the size of Fusion's portfolio and marks Cain International's entrance into the PBSA sector.
The Mishcon de Reya team was led by Ed Hughes-Power (Partner, Real Estate) and Dean Poster (Partner, Corporate) with assistance from Oliver Swerdlow and Oliver Neasham (Real Estate), Tom Phillips (Corporate), Daniel Farrand (Planning), Jonathan Legg and Isabella Adams (Tax) and Lewis Cohen (Commercial).
Ed Hughes-Power said: "We are delighted to have advised Fusion on this significant joint venture with Cain International. This deal underlines the robustness of the PBSA sector, which is a core element of our thriving alternative residential offering at Mishcon de Reya."