London office advises on landmark student accommodation portfolio acquisition
Press release - Business | 1月 2024
Global law firm, Norton Rose Fulbright has advised a key client of Savills Investment Management on the c.£300m acquisition of a student accommodation portfolio from Vita Group.
The portfolio includes three purpose-built student accommodation (PBSA) projects located in Cannon Park (Coventry, University of Warwick), Iona Street (Edinburgh) and Bruce Street (Belfast) totalling 1,340 beds, making the transaction one of the largest UK PSBA investment transactions in 2023.
Norton Rose Fulbright advised on all legal aspects of the transaction which was structured as a share sale and purchase agreement, for the completed Coventry project, and two asset acquisition for Edinburgh and Belfast projects in development.
Completing in early January, the entire transaction was governed by one master sale and purchase agreement, with Vita Student appointed (on a ‘sale-manage back’ basis) to manage and operate the assets on behalf of Savills Investment Management.
The Norton Rose Fulbright team was led by London-based Partner and Co-Head of Real Estate for EMEA, Dan Wagerfield, whose team included Partners Claire O’Donnell (corporate), Julia Lloyd (tax) and Donald Warnock (construction). The wider team included Consultant Jo Kern, Senior Associate Carina Wentzel and Associates Andrei Calmatui, Will Hodges, Craig O’Malley and Charlie Warren.
Dan Wagerfield commented:
“Student accommodation is one of the fastest-growing real estate segments in the UK and it is encouraging to see appetite from investors continue. It was a privilege to advise our long-standing client on this significant and complex acquisition.”
Norton Rose Fulbright’s real estate lawyers act for clients across the full range of real estate matters including urban regeneration projects, direct and indirect investment transactions, real estate financing, equity investment structuring, portfolio deals, corporate occupier matters, dispute resolution and development projects.