UK: Crosstree Real Estate has made its first move into the student accommodation sector with the £55 million purchase of an asset in north-east London.
The recently completed 333-bed scheme called The Valentine in Gants Hill was bought from developer Tide Construction. It will be managed by residential specialist Outpost Management, the new company of former Greystar director Troy Tomasik.
Crosstree partner Will Dear said: “The Valentine represents a rare opportunity to acquire an institutional-grade asset at an attractive basis during the current market dislocation.”
The deal is one of the first undertaken for the Crosstree Real Estate Special Situations Fund.
The Valentine is close to Stratford via public transport, which will become a major university location when UCL and the University of the Arts London open new campuses there in 2022.
CBRE Global Investors Credit Strategies provided debt for the purchase, and Conduit Real Estate advised on the deal.
