DLA Piper advises Harrison Street on student housing asset sale to City Developments Limited
DLA Piper has advised Harrison Street on the sale of four UK based purpose-built student accommodation (PBSA) properties to City Developments Limited (CDL).
The transaction comprises four purpose-built student accommodation assets in Canterbury, Birmingham, Coventry, and Leeds totaling 1,657 beds. The assets were individually developed by Harrison Street European Property Partners II (vintage year 2017) alongside two joint venture partners – Linkcity (the property development arm of Bouygues UK) and Crosslane Property Group – and ultimately packaged in a portfolio for sale.
Harrison Street’s European strategy encompasses alternative investments in student accommodation, senior housing, build-to-rent residential and life sciences real estate. The firm’s growing and diverse European team is based in London and has acquired or developed 78 assets with a gross cost of nearly EUR5 billion since 2015. Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. It is headquartered in Chicago with offices in London, New York, San Francisco, Tokyo, Toronto and Washington DC with approximately USD53 billion in assets under management.
Paul Jayson, Real Estate partner at DLA Piper, commenting on the deal, said: “We are delighted to be advising Harrison Street once more in this exciting and dynamic market space and on a sale to such a high-caliber company as CDL. DLA Piper has extensive experience of advising in the living sector, especially in the purpose-built student housing market and we look forward to continuing to support Harrison Street and this sector in the future.”
The DLA Piper team was led by Real Estate partner Paul Jayson and Corporate partner Jon Kenworthy. They were supported by Real Estate partner Katie Jacobson, Real Estate Senior Associate Sophie Murtough, Real Estate Legal Director Jonathan Whiteford, Corporate Senior Associate Marcia Kidd and Corporate Associates Cameron Spittal and Philippa Parkinson.