Liberty Living acquires the Union State Portfolio of student accommodation from Blackstone
Liberty Living, one of the U.K.’s largest student accommodation providers, today announced that it is acquiring a portfolio of 13 student accommodation residences across the U.K., Germany and Spain from real estate funds managed by Blackstone for a total consideration of approximately £460 million. The portfolio comprises 6,484 beds within 13 residences across 12 cities, together with a potential development site in London. The transaction is subject to customary completion terms and conditions.
The residences are comprised of high quality purpose-built student accommodation in some of the top university cities in the U.K. The portfolio is highly complementary to Liberty Living’s existing properties and will further enhance its position in a number of those key cities. The acquisition will also provide Liberty Living with an entry into continental Europe.
“The acquisition of these residences is the latest step in Liberty Living’s strategy to grow through the acquisition of high-quality, developed assets that complement our existing portfolio,” said David Shearer, Executive Chairman, Liberty Living. “The opportunity to acquire these residences is a coherent further step in growing our branded, service-driven business, allowing us to strengthen our position in key markets.”
The newly acquired assets will be rebranded as Liberty Living buildings and incorporated into Liberty Living, which currently owns and operates more than 19,000 beds in the UK.
The transaction will be funded at completion by Canada Pension Plan Investment Board (“CPPIB”) via CPPIB’s wholly owned subsidiary, CPPIB Liberty Living Inc. (“CPPIB Liberty Living”).
About Liberty Living
Liberty Living is one of the largest student accommodation providers in the United Kingdom and is one of the longest-standing and most highly regarded owner/ operators in the sector. Established in 2000, it was acquired by CPPIB Liberty Living in March 2015 as a vehicle for further expansion in this asset class. Including the Union State Portfolio acquisition, Liberty Living will own and manage approximately 25,000 beds in 61 residences across 23 cities.