About Blackstone Real EstateBlackstone is a global leader in real estate investing. Blackstone is a global leader in real estate investing. The US company is buying London-based IQ … Over this time, including most recently in partnership with Goldman Sachs, iQ has grown to become one of the best student housing companies in the UK. Companies own and operate 18% of purpose-built student accommodation currently, while universities account for a further 18% and private rentals make up 42%. Rents for en-suite accommodation have been at 16% above the rate of inflation since 2014, according to a recent report. The New York-based private equity firm is buying iQ from the US investment bank Goldman Sachs and the health research charity Wellcome Trust. 26th February 2020, London – Goldman Sachs Merchant Banking Division (“Goldman Sachs”) and the Wellcome Trust (“Wellcome”) today announced the sale of iQ Student Accommodation (“iQ”) to Blackstone for £4.66 billion. UPDATE: 15th May 2020 – We can confirm the completion of the sale of iQ by Goldman Sachs Merchant Banking Division and the Wellcome Trust to Blackstone. T: +44 7778 487939 Bank of America and Citi served as financial advisors and Savills served as property adviser to Blackstone and Kirkland & Ellis and Gowling WLG served as legal counsel. Sky News has learnt that Blackstone is exploring the prospect of submitting an indicative offer for IQ Student Accommodation ahead of a deadline later this month. Acquiring Organization: Blackstone Group Blackstone is an investment and advisory firm providing solutions that create value for investors and clients. IQ Student Accommodation operates 66 sites in 27 locations, with its most recent development has just opened in Glasgow City Centre. In May, Blackstone acquired iQ Student Accommodation in a £4.66 billion deal. Private investment management company Blackstone acquired the accommodation provider in February in a reported £4.7bn deal . E: [email protected], Blackstone Press ContactsRamesh ChhabraT: +44 7810 501027E: [email protected]om, Alex Ritterman We are proud to have been part of that journey alongside iQ’s excellent management team and our valued partners at Wellcome.”. Rob Roger, CEO of iQ Student Accommodation, said: “I am delighted to be working with a partner of Blackstone’s calibre, as we continue to deliver our ambitious growth plans. Goldman Sachs Merchant Banking Division (“Goldman Sachs”) and the Wellcome Trust (“Wellcome”) today announced the sale of iQ Student Accommodation (“iQ”) to Blackstone for £4.66 billion. I’d like to thank Goldman Sachs and Wellcome, whose support has allowed iQ to grow into the world-class business it is today; with a market-leading portfolio concentrated in those cities of strongest student demand, and a unique student accommodation experience that sets us apart. https://www.iqstudentaccommodation.com/. If you're living in a residence provided through IQ Student Accommodation there is some good news; you automatically have access to a range of resident concierge services. iQ’s integrated operating platform combines a market leading focus on customer service and digital innovation, with continuing investment in its high-quality accommodation portfolio. Blackstone’s first foray into luxury student dorms came in 2006 when it created Nido with the developer Generation Estates. The world’s largest property investor is weighing a £4bn takeover bid for a major British student housing provider as its owners plot a sale or stock market listing in 2020. The property firm is one of the main players in the rapidly growing UK student housing market. It owns and operates 67 student premises across the country, with more than 28,000 beds and plans to add a further 4,000. El fondo de inversión Blackstone ha llegado a un acuerdo con Goldman Sachs y Wellcome Trust para comprar IQ Student Accommodation por 4.660 … With an investment of over £95 million, The Blackstone Group is unveiling the Group’s first major student housing development, Nido London’ located on Pentonville Road in King’s Cross as part of the King’s Cross redevelopment programme and next to the Eurostar Terminal, London’s new gateway to Europe, due for opening in Spring 2007. At iQ, rents start at £75 a week in Bradford, and £195 a week in London. With student numbers in the UK at an all-time high, and growth set to continue in the coming years, there has never been a more exciting time to be a leading player in the student accommodation sector.”. Goldman Sachs International, Morgan Stanley & Co. International plc and Eastdil Secured served as financial advisors to the Sellers and Jones Day as legal counsel. Blackstone is one of the largest property owners in the world, owning and operating assets across every major geography and sector, including logistics, rental housing, office, hospitality and retail. It owns 66 halls of residence, with 28,000 bedrooms. The transaction is the largest ever private real estate transaction in the UK and subject to regulatory approvals. Last modified on Thu 27 Feb 2020 13.03 GMT. An en-suite room in Bloomsbury in the centre of the capital costs £460 a week. Kirkland & Ellis advised Blackstone on their £4.66 billion acquisition of IQ Student Accommodation from Goldman Sachs and the Wellcome Trust. More than half of the company’s portfolio is in London, where iQ is the largest owner of student accommodation. The company’s focus on customer service and continued investment in the platform has enabled iQ to become a leader in the sector and provide an outstanding experience to students. British higher education is globally renowned and we are delighted to invest meaningful capital to support iQ’s further growth and continue to deliver the highest quality accommodation for students across the country.”. It was formed in 2006 with Wellcome as one of the founding investors, and merged with Goldman Sachs' student housing business in 2016. Goldman Sachs Merchant Banking Division (Goldman Sachs) and the Wellcome Trust (Wellcome) have agreed to sell iQ Student Accommodation (iQ) to Blackstone for £4.66 billion. iQ is proud to have been part of the higher education ecosystem for ten years - Reimagining the student accommodation experience and giving our residents their best year yet. Peter Pereira Gray, CEO and Managing Partner, Investment Division, Wellcome, said: James Seppala, Head of Real Estate Europe at Blackstone, said: iQ is one of the leading providers of private purpose-built student accommodation in the UK, and owns and operates 67 student premises in 27 towns and cities. iQ’s portfolio of purpose-built assets is concentrated in London, where iQ is the largest owner of student accommodation, and other leading U.K. university cities - Manchester, Leeds, Sheffield, Edinburgh and Birmingham. We want to give students peace of mind by creating safe, comfortable environments. All rights reserved. Rob Roger, iQ’s chief executive, said he was looking forward to “working with a partner of Blackstone’s calibre, as we continue to deliver our ambitious growth plans”. Wellcome’s mission is funded solely from its. American buyout firm Blackstone is believed to be considering making an offer worth up to £4billion for university housing provider IQ Student Accommodation. Last year, 32,000 new beds were delivered across the UK of which nearly 90% were from private sector providers. A further 114,000 beds are in the pipeline. Blackstone has struck the largest-ever private property deal in the UK by agreeing to acquire the UK student accommodation firm iQ in a £4.7bn deal. Brookfield Asset Management Inc. and Greystar Real Estate Partners LLC are among suitors considering bids for U.K. student housing provider iQ Student Accommodation … The majority shareholders are the bank Goldman Sachs, and the … iQ is one of the UK’s leading providers of Purpose Built Student Accommodation. About iQ Student AccommodationiQ is one of the leading providers of private purpose-built student accommodation in the UK, and owns and operates 67 student premises in 27 towns and cities. In the past decade, iQ Student Accommodation has provided accommodation to more than 28,000 students in 67 sites across 27 UK cities. I am confident iQ will continue to deliver an excellent experience for its customers under new ownership.”, James Seppala, Head of Real Estate Europe at Blackstone, said: “This acquisition is a continuation of our strategy to invest in high-quality assets and businesses in the U.K. and testament to our long-term belief in the UK. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm’s long-term principal investing activity. iQ is one of the UK’s leading providers of Purpose Built Student Accommodation. MBD is one of the leading private capital investors in the world with investments across private equity, infrastructure, private debt, growth equity and real estate. Blackstone has paid £4.7bn for student accommodation company IQ in Britain’s largest private real estate deal as it continues a post-election spending spree. The company’s focus on customer service and continued investment in the platform has enabled iQ to become a leader in the sector and provide an outstanding experience to students. The number of full-time students in the UK has reached a record level. The transaction is the largest ever private real estate Investors such as private equity firms and Goldman have been piling into purpose-built student housing in recent years, as demand continues to outstrip the number of beds provided by 30%. About WellcomeWellcome exists to improve health by helping great ideas to thrive, and is a politically and financially independent foundation. We make sure that it is as easy as possible for students to become part of their new community by providing shared social and study spaces, free leisure facilities, gyms and events. We are proud to have been part of that journey alongside iQ’s excellent management team and our valued partners at Wellcome.”, Peter Pereira Gray, CEO and Managing Partner, Investment Division, Wellcome, said: “Wellcome has invested steadily in iQ from its inception 14 years ago. Blackstone is betting big on Britain’s property market. © 2020 Guardian News & Media Limited or its affiliated companies.
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