UK: Blackstone’s iQ Student has acquired two PBSA assets from Downing Students.
The acquired assets are the 841-bed Vega in London and the 324-bed The Mont in Edinburgh.
Located in Vauxhall, Vega is situated close to key transport links which provide excellent connectivity to top tier universities throughout central London. Opened in 2021 and built to a BREEAM Excellent standard, amenities include a gym, private dining area, sky lounge and roof terrace.
The Mont, a brand-new property which opened in September 2023, is located a short walk from the University of Edinburgh’s Central Area and the historic city centre. Amenities include a cinema room, private dining area, gym and resident’s lounge.
Matt Merrick, CEO of iQ Student Accommodation, said: “We are delighted to be expanding our portfolio of high-quality, well-located student accommodation in these two capital cities, home to some of the most prestigious universities in the world, and where supply continues to fall short of demand. This builds on recent acquisitions in Glasgow, Nottingham and Warwick, as iQ and Blackstone continue to invest in Russell Group markets where student growth is highest. We look forward to welcoming students for the 2023/24 academic year, bringing them the fantastic accommodation experience that iQ provides.”
Samir Amichi, head of real estate acquisitions Europe at Blackstone, added: “London and Edinburgh are two of the UK’s most attractive student cities, with world leading educational institutions attracting students from both across the UK and abroad. We are delighted to have partnered with Downing Students on these transactions and with Vega and The Mont in its portfolio, iQ will add further capacity to its best in-class offering for student housing, an area in which we will continue to deploy capital with conviction.”
Blackstone acquired iQ in May 2020 for £4.7 billion, which at the time was the largest ever private real estate transaction in the UK.
