UK: Private equity firm Henderson Park is set to buy The Collective Old Oak Common in northwest London, for around £60 million.
The 551-bedroom scheme, designed by PLP Architects, was the first large-scale purpose-built coliving project in the UK. It also features lounge areas, kitchens, a restaurant, a bar and a spa.
The sale price, of around £60 million, is down significantly from the £75 million the building was put on the market for last year and less than half of the £125 million at which it was valued in 2018.
First opened in 2016, The Collective Old Oak Common was the largest colliding scheme in Europe at the time. The Collective went into administration in autumn 2021.
Deutsche Bank and a fund managed by Gravis Capital were the main secured lenders to The Collective. Vehicles managed by Gravis are leading the current sale process.
Henderson Park is an international private equity real estate firm. Its investment strategy focuses exclusively on real estate investments, primarily in major capital and high-growth cities. It operates across the UK, Europe and the US, with offices in London, Dublin, Luxembourg, Berlin and Charleston, South Carolina.
