Liberty Living completes on £460m Union State portfolio

Liberty Living has completed its acquisition of the Union State student housing portfolio from Blackstone for £460m. The deal includes 6,500 beds across 12 cities and a development site in London, and will make Liberty Living the largest student accommodation provider after Unite, with more than 26,000 beds under management. The transaction will be funded by Canada Pension Plan Investment Board via CPPIB’s wholly owned subsidiary CPPIB 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. To send feedback, e-mail amber.rolt@egi.co.uk or tweet @AmberRoltEG or @estatesgazette ■ SEE ALSO: INTERVIEW: Andrea Orlandi explains CPPIB’s private equity attitude