Mishcon de Reya has advised global investor PGIM Real Estate on its acquisition of a purpose-built student accommodation ("PBSA") portfolio from Unite Group for £184 million.
The portfolio consists of six PBSA properties totalling 2,948 beds, and includes Jennens Court in Birmingham (596 beds), North Court in Cardiff (253 beds), The Grange in Leicester (219 beds), Prospect Point in Liverpool (635 beds), St Peter’s Court in Nottingham (808 beds) and Exchange Works in Sheffield (437 beds).
Ian Paul, Todd Wu, Alice Burlingham and Katie Gallagher from Mishcon de Reya's Real Estate department, led on the acquisition. Sarah Spurling, Roya Zohrabi and Jasmin Fergus-Aghamiri from Mishcon's Banking team advised on the acquisition financing.
Justine Ayto and Charlotte Braine advised on Construction aspects, with Daniel Farrand and Rebecca Gough advising on Planning aspects. Isabella Adams, Of Counsel in the Real Estate Tax team, supported on tax-related negotiations.
The transaction was originated by James Wright, Vice President, in PGIM's UK equity team.
Todd Wu, Partner at Mishcon de Reya, commented: "We are delighted to have worked alongside James Wright and the team at PGIM to deliver this PBSA portfolio acquisition as part of PGIM Real Estate’s European core plus strategy. We look forward to supporting PGIM to deliver on their strategy for this portfolio. "
With over 130 fee earners including 43 partners, Mishcon de Reya's Real Estate department is one of London’s largest and most diverse property teams. Our Real Estate department comprises well-regarded specialist practice areas and provides a one stop shop for all of our clients' property requirements. The team provides a seamless service from investment, structuring, funding, acquisition and planning, through to construction, development, tax and litigation advice.