Student accommodation provider sold for £1.1 billion

Fri, 06 Mar 2015 | BUSINESS SALE

A Canadian pension fund has acquired a UK-wide student accommodation provider in a deal worth £1.1 billion.

Liberty Living, which owns 40 student residences holding 16,700 rooms across 17 towns and cities in the UK, was sold to Canada Pension Plan Investment Board (CPPIB) for £1.1 billion by its previous owner Brandeaux Student Accommodation Fund.

The sale of the student accommodation business, established in 2000, was a result of a competitive auction process. It came after Brandeaux abandoned its original plan to float Liberty Living as a separate fund over the summer last year, due to "adverse public market conditions".

Managing director and head of real estate investments for Europe at CPPIB, Andrea Orlandi, explained: “As a long-term investor, this is an exciting investment for CPPIB and an ideal platform through which we can build further scale, capitalising on Liberty Living's position as one of the leading operators in the UK student accommodation sector.

“This sector is an attractive one for CPPIB and we expect to see continued demand for well-located and well-managed student residences such as those within the Liberty Living portfolio.”

Liberty Living's chief executive Charles Marshall added that the firm was looking forward to working on increasing their market share in the provision of high quality accommodation for students in the UK via a “long-term relationship” with CPPIB.
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