iq student accommodation blackstone
This is projected to grow by a further 461,000 by 2030 to more than 2.2 million, with international students expected to make up 45% of the total. High rent bills have led to student rent strikes in the past. ”The transaction is the largest ever private real estate transaction in the UK and subject to regulatory approvals,” said the companies in a statement. Peter Pereira Gray, CEO and Managing Partner, Investment Division, Wellcome, said: James Seppala, Head of Real Estate Europe at Blackstone, said: iQ is one of the leading providers of private purpose-built student accommodation in the UK, and owns and operates 67 student premises in 27 towns and cities. T: +44 (0)20 7611 8866 E: [email protected].com. Goldman Sachs Merchant Banking Division (Goldman Sachs) and the Wellcome Trust (Wellcome) have agreed to sell iQ Student Accommodation (iQ) to Blackstone for £4.66 billion. Rob Roger, iQ’s chief executive, said he was looking forward to “working with a partner of Blackstone’s calibre, as we continue to deliver our ambitious growth plans”. Brookfield Asset Management Inc. and Greystar Real Estate Partners LLC are among suitors considering bids for U.K. student housing provider iQ Student Accommodation … About iQ Student AccommodationiQ is one of the leading providers of private purpose-built student accommodation in the UK, and owns and operates 67 student premises in 27 towns and cities. Rents for en-suite accommodation have been at 16% above the rate of inflation since 2014, according to a recent report. Blackstone confirms £4.66bn iQ buy By Jessica Newman 2020-05-15T15:24:00 Goldman Sachs Merchant Banking Division and the Wellcome Trust have completed the £4.66bn sale of iQ Student Accommodation company With student numbers in the UK at an all-time high, and growth set to continue in the coming years, there has never been a more exciting time to be a leading player in the student accommodation sector.”. A further 114,000 beds are in the pipeline. British higher education is globally renowned and we are delighted to invest meaningful capital to support iQ’s further growth and continue to deliver the highest quality accommodation for students across the country.”. Blackstone has struck the largest-ever private property deal in the UK by agreeing to acquire the UK student accommodation firm iQ in a £4.7bn deal. The transaction is the largest ever private real estate transaction in the UK and subject to regulatory approvals. It was formed in 2006 with Wellcome as one of the founding investors, and merged with Goldman Sachs' student housing business in 2016. Student numbers are at an all-time high and are expected to … Richard Spencer, Managing Director at Goldman Sachs, said: “Over the course of our ownership, iQ has become the UK’s leading provider of high-quality student accommodation. Over this time, including most recently in partnership with Goldman Sachs, iQ has grown to become one of the best student housing companies in the UK. T: +44 207 774 4080, Wellcome Press ContactsClare Ryan We want to give students peace of mind by creating safe, comfortable environments. Kirkland & Ellis advised Blackstone on their £4.66 billion acquisition of IQ Student Accommodation from Goldman Sachs and the Wellcome Trust. global, diverse portfolio designed to exist in perpetuity. Our student accommodation is well-located – with 84% of our portfolio value in Russell Group cities and 52% in London - and high quality, providing the best home-from-home environment for 28,000 university students from all over the world. It has net investment assets of over £26 billion as at 30 September 2019. It owns 66 halls of residence, with 28,000 bedrooms. We want to give students peace of mind by creating safe, comfortable environments. T: +44 7778 487939 Blackstone is one of the largest property owners in the world, owning and operating assets across every major geography and sector, including logistics, rental housing, office, hospitality and retail. Some of the iQ accommodation being built is vastly different from traditional student halls and includes studio flats or en-suite rooms, fast broadband, on-site gyms and cinemas. Bank of America and Citi served as financial advisors and Savills served as property adviser to Blackstone and Kirkland & Ellis and Gowling WLG served as legal counsel. iQ is proud to have been part of the higher education ecosystem for ten years - Reimagining the student accommodation experience and giving our residents their best year yet. I am confident iQ will continue to deliver an excellent experience for its customers under new ownership.”, James Seppala, Head of Real Estate Europe at Blackstone, said: “This acquisition is a continuation of our strategy to invest in high-quality assets and businesses in the U.K. and testament to our long-term belief in the UK. The majority shareholders are the bank Goldman Sachs, and the … In May, Blackstone acquired iQ Student Accommodation in a £4.66 billion deal. UPDATE: 15th May 2020 – We can confirm the completion of the sale of iQ by Goldman Sachs Merchant Banking Division and the Wellcome Trust to Blackstone. Blackstone’s real estate business was founded in 1991 and has $163 billion of investor capital under management. Investors such as private equity firms and Goldman, have been piling into purpose-built student housing, High rent bills have led to student rent strikes. Blackstone’s first foray into luxury student dorms came in 2006 when it created Nido with the developer Generation Estates. Goldman Sachs Press ContactsJoseph Stein The Gowling WLG team was led by Michael Twining, Robin Creek, Paul Lloyd and James Eddowes, with support from almost 50 people from various service lines across the firm. MBD is one of the leading private capital investors in the world with investments across private equity, infrastructure, private debt, growth equity and real estate. “With student numbers in the UK at an all-time high, and growth set to continue in the coming years, there has never been a more exciting time to be a leading player in the student accommodation sector.”. Despite the increased investment, there were fewer than 650,000 student accommodation beds for 1.8 million undergraduates and postgraduates in the UK last year. We are proud to have been part of that journey alongside iQ’s excellent management team and our valued partners at Wellcome.”. IQ's portfolio includes 76 student accommodation sites in the UK, with 80 per cent of these sites located in prestigious Russell Group university towns. iQ is one of the UK’s leading providers of Purpose Built Student Accommodation. Their residents are from over 120 different nations. With an investment of over £95 million, The Blackstone Group is unveiling the Group’s first major student housing development, Nido London’ located on Pentonville Road in King’s Cross as part of the King’s Cross redevelopment programme and next to the Eurostar Terminal, London’s new gateway to Europe, due for opening in Spring 2007. The iQ deal follows media reports on Tuesday that Blackstone will use money from a $14 billion Saudi-backed infrastructure fund to invest in Britain. Rob Roger, CEO of iQ Student Accommodation, said: “I am delighted to be working with a partner of Blackstone’s calibre, as we continue to deliver our ambitious growth plans. Acquiring Organization: Blackstone Group Blackstone is an investment and advisory firm providing solutions that create value for investors and clients. Companies own and operate 18% of purpose-built student accommodation currently, while universities account for a further 18% and private rentals make up 42%. The company’s focus on customer service and continued investment in the platform has enabled iQ to become a leader in the sector and provide an outstanding experience to students. Blackstone’s real estate business was founded in 1991 and has $163 billion of investor capital under management. 26th February 2020, London – Goldman Sachs Merchant Banking Division (“Goldman Sachs”) and the Wellcome Trust (“Wellcome”) today announced the sale of iQ Student Accommodation (“iQ”) to Blackstone for £4.66 billion. IQ Student Services provides everyday services for residents living in IQ Student Accommodation properties across the UK. More than half of the company’s portfolio is in London, where iQ is the largest owner of student accommodation. Blackstone is betting big on Britain’s property market. We make sure that it is as easy as possible for students to become part of their new community by providing shared social and study spaces, free leisure facilities, gyms and events. It owns and operates 67 student premises across the country, with more than 28,000 beds and plans to add a further 4,000. We have staff and security teams at each residence, on hand and on-site 24/7. Rob Roger, CEO of iQ Student Accommodation, said: “I am delighted to be working with a partner of Blackstone’s calibre, as we continue to deliver our ambitious growth plans. If you're living in a residence provided through IQ Student Accommodation there is some good news; you automatically have access to a range of resident concierge services. Blackstone has agreed to buy IQ Student Accommodation from Goldman Sachs for £4.7bn, in the UK’s largest private real estate transaction. © 2020 Guardian News & Media Limited or its affiliated companies. Founded in 2007, IQ Student iQ is one of the UK’s leading providers of Purpose Built Student Accommodation. iQ’s portfolio of purpose-built assets is concentrated in London, where iQ is the largest owner of student accommodation, and other leading U.K. university cities - Manchester, Leeds, Sheffield, Edinburgh and Birmingham. 28,000 students Providing the best home-from-home environment from which over 28,000 students can confidently make the most of the opportunities during their university years. At iQ, rents start at £75 a week in Bradford, and £195 a week in London. In the past decade, iQ Student Accommodation has provided accommodation to more than 28,000 students in 67 sites across 27 UK cities. Blackstone Group Inc. agreed Wednesday to acquire IQ Student Accommodation from a group led by Goldman Sachs Group Inc. for £4.66 billion … Private equity giant Blackstone has snapped up a student housing firm for £4.7billion in one of the UK's biggest ever property deals.