CDL to acquire four student housing assets from Harrison Street
Harrison Street has announced the sale of four purpose-built student housing properties in the UK to City Developments Limited (CDL) in the UK.
The deal includes four purpose-built student residences in Canterbury, Birmingham, Coventry and Leeds with a total of 1,657 beds. Harrison Street European Property, together with two joint venture partners Linkcity (a development arm of Bouygues UK) and Crosslane Property, developed the assets. After the sale, the portfolio is GBP185 million (US$223 million), 33% more than the base value. Through the deal, Harrison Street has shown the ability to identify assets that are supported by demographic trends and exit through strategic portfolio sales.
Harrison Street was represented by JLL, DLA and Deloitte in the deal. Harrison Street's strategy includes alternative investments in student residences, nursing homes, rental housing and life sciences real estate.
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