Ares jv completes £157.5m student housing buy
Mace has completed a deal to sell two student properties for £157.6m to a US-based joint venture between a fund managed by Ares Management and private equity firm Generation Partners.
It is Ares Generation’s first student accommodation acquisition in the UK.
The deal comprises a total of 1,359 beds in Exeter and Cardiff, including 12-bed cluster rooms, duplex studios and one-bed flats.
Mace has completed a deal to sell two student properties for £157.6m to a US-based joint venture between a fund managed by Ares Management and private equity firm Generation Partners.
It is Ares Generation’s first student accommodation acquisition in the UK.
The deal comprises a total of 1,359 beds in Exeter and Cardiff, including 12-bed cluster rooms, duplex studios and one-bed flats.
Works on The Depot in Exeter and Cardiff’s West Wing were completed in phases over the past 18 months.
Richard Bienfait, chief financial officer at Mace, said the transaction would allow its Develop business to “focus on other new and exciting opportunities”, including its £500m regeneration of Stevenage town centre.
Wilson Lamont, partner and co-head of European real estate equity at Ares, said the jv would seek to identify “additional opportunities for further growth in this sector in the UK market”.
Alan Artus, co-founder of Generation Partners, added: “Having been a major participant in the PBSA sector for the last two decades, including the creation of the Nido and Pure Student Living platforms, we look forward to working with the Ares team to assemble a significant portfolio focused on top tier cities and high-quality buildings.”
Montagu Evans advised Mace Develop; Savills Capital Advisors acted on behalf of Ares and Generation.
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