BlackRock acquires student housing development in Sheffield
BlackRock Real Assets has acquired another student accommodation development in Sheffield (UK), bringing the total number of beds in its European Property Fund to more than 2,100 across five schemes.
The newly acquired Bramall Lane site adjacent to the existing Sheffield asset acquired by BlackRock Real Estate in May 2016, will be developed to provide a further 190 beds under a nominations agreement with Sheffield Hallam University.
The new student accommodation scheme will be structured under a nominations agreement with Sheffield Hallam University. Its hoped the development will be able to benefit from ‘place-making’ opportunities and operational efficiencies of providing 735 beds across two inter-connected schemes with strong high-street frontage.
Construction works on the site have already started with the completion due to 2018-2019.
The investment represents the eighth acquisition for the fund since it was established, which has been funded by a broad range of institutional investors from 16 different countries. In total, the fund has invested €700 (US$782) million of its available €1.75 (US$1.95) billion capital.
According to sources, Thomas Muller, Portfolio Manager for BlackRock's European real estate business, said:
"We are very pleased with the progress since the final close and I am particularly delighted to announce this latest acquisition in the UK market, which is reflective of our strategy to continue the aggregation of our student accommodation portfolio in the UK and Ireland. With well-located schemes in London, Dublin, Leeds and Sheffield we are creating a very attractive portfolio."
Country news
-
-
June 15, 2017
Financial close on Essex student scheme
Essex University is due to close the financing of its accommodation scheme with a second Assured Guaranty-wrapped index-linked bond issue, following the university’s first deal in March 2017.
Read more -
June 08, 2017
EISER closes on portfolio sale of assets to 3i
EISER Finance Limited has reached financial close on a portfolio sale of assets to a fund managed by 3i Group plc (3i) from the EISER Global Infrastructure Fund (EGIF).
Read more -
June 08, 2017
Swansea university tenders estate project
The University of Trinity Saint David, in Wales (UK) has launched the tender process seeking a partner for the development of the SA1 Swansea Waterfront project under PFI scheme.
Read more -
June 07, 2017
London borough issues PIM for a residential scheme
The London Borough of Brent has launched a preliminary information memorandum (PIM), seeking to procure a delivery partner to carry out a high quality residential led mixed use redevelopment of the Peel site, located in NW6.
Read more -
June 05, 2017
HICL to sell down £25 MM from Affinity Water
HICL Infrastructure (HICL) is now in talks to sell a portion of the investment in Affinity Water for £25 million (US432 million) to repay the cost of the acquisition earlier this month.
Read more
