Advising Harrison Street Asset Management on the sale of six UK student accommodation properties

Global law firm DLA Piper has advised its long-standing client, Harrison Street Asset Management, a leading global alternative investment management firm with over USD108 billion in assets under management, on the strategic sale of a student accommodation portfolio in the United Kingdom.

The portfolio consists of six properties in university cities (Belfast, Birmingham, Cardiff, Edinburgh, Leicester, and London), offers over 1,600 beds to students, and has been acquired by Australia's largest super fund and pension provider, AustralianSuper. The properties, which were built between 2020 and 2023, offer students a variety of modern facilities, including gyms, courtyard terraces, coffee bars, study lounges, and social spaces.

Harrison Street Asset Management, headquartered in Chicago, Toronto and London, is a leading global developer and operator of student housing. Since inception, the firm has invested over USD24 billion across 421 student accommodation properties across the US and Europe, offering over 229,000 beds.

AustraliaSuper manages over USD400 billion in retirement savings for over 3.6 million savers. It focuses on providing savers with positive returns through strategic investments in real estate projects worldwide.

A cross-practice team from DLA Piper's London office advised Harrison Street Asset Management on the sale. The team was led by Jon Kenworthy, partner and Global Co-Chair, Corporate and Paul Jayson, real estate partner, UK. They were supported by a large team of lawyers across the firm's real estate sector and headed by Chloe Bray (senior associate, Corporate), and Camilla Grierson (associate, Real Estate).

Commenting on the significance of this acquisition, Jon Kenworthy said: “The acquisition of the units highlights the resilience and attractiveness of the UK student accommodation sector, which continues to draw significant interest from global institutional investors. It additionally demonstrates the confidence in purpose-built student housing as stable, long-term assets, underpinned by strong demand for modern, high-quality facilities.”

Paul Jayson added: “The strategic sale of these properties underscores Harrison Street Asset Management's commitment to delivering high-quality student accommodation in university towns and cities. Through the divestment of these properties, management can turn its attention to future projects and retain its market-leading status.”

In 2024, DLA Piper advised on over USD70 billion of real estate projects globally, and has, in recent years, supported Harrison Street Asset Management on several global transactions, with recent projects including:

• Advising on its first foray into the self-storage sector in Europe
• Supporting its divestment of a four-property student accommodation complex in the UK.
• Assisting with the acquisition of a datacentre in Hawaii, alongside fifteenfortyseven Critical Systems Realty.
• Advising on the sale of 14 purpose-built off-campus student accommodation complexes across 11 US states.
• Assisting with the sale of a New York housing portfolio valued at over USD60 million.