Liberty Living buys Union State Portfolio

Liberty Living has announced it is buying the Union State Portfolio of student accommodation assets from funds managed by Blackstone for £460m. The portfolio of 13 assets across the UK, Germany and Spain has 6,484 beds across 12 cities, along with a development site in London. The transaction will be funded at completion by Canada Pension Plan Investment Board via CPPIB’s wholly owned subsidiary, CPPIB Liberty Living. “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 newly acquired assets will be rebranded as and incorporated into Liberty Living, which currently owns and operates more than 19,000 beds in the UK. The acquisition will also provide Liberty Living with an entry into continental Europe. The deal is still subject to completion terms and conditions. • To send feedback, e-mail alex.peace@estatesgazette.com or tweet @EGAlexPeace or @estatesgazette