23 Jul 2014 | 10:39 am |
International law firm Pinsent Masons has advised Cordea Savills on the £137 million sale of its Student Hall Fund to Unite UK Student Accommodation Fund (USAF).
The deal will see the international property investment manager sell its Student Hall Fund, which comprises 2,904 bedrooms across Bath, Bristol, Birmingham, Edinburgh, Leeds and Loughborough.
Pinsent Masons' corporate funds partner Ian Warner led a corporate funds team including Thilo Schneider and Genna Oakes. Real estate partner, Jonathan Brocklehurst led on property related matters assisted by James Long, Ramiza Ali, Richard Holroyd, Greg Dingwall, Cassandra Auld and Alison Groat.
Commenting on the deal, Ian Warner, said: "We are delighted to have advised on such a high profile deal for Cordea Savills. Student accommodation is a buoyant industry which has seen significant growth and development in recent years. The transaction adds to our expertise in this sector gained through acting for fund managers, investors and universities and it is an area where we see significant further opportunities."
Cordea Savills' Student Hall Fund launched as a closed-ended fund in 2006. USAF's purchase boosts its portfolio by 10% which now covers 24,577 beds across 22 towns and cities.
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