Goldman Sachs and Wellcome sell iQ Student Accommodation to Blackstone

Subscribe to our newsletter and get the latest news and business opportunities in your inbox

Goldman Sachs Merchant Banking Division (Goldman Sachs) and the Wellcome Trust (Wellcome) announced the sale of iQ Student Accommodation (iQ) to Blackstone for GBP 4.66 billion (US$ 6.01 billion). The transaction is subject to regulatory approvals.

iQ is one of the UK’s leading providers of Purpose Built Student Accommodation. It was formed in 2006 with Wellcome as one of the founding investors and merged with Goldman Sachs' student housing business in 2016. Today the company owns and manages more than 28,000 beds across the UK, with a focus on Russell Group cities, and with a development pipeline in excess of 4,000 beds all located in cities of highest student growth and demand. iQ’s portfolio of purpose-built assets is concentrated in London, where iQ is the largest owner of student accommodation, and other leading U.K. university cities - Manchester, Leeds, Sheffield, Edinburgh and Birmingham.

iQ’s integrated operating platform combines a market-leading focus on customer service and digital innovation, with continuing investment in its high-quality accommodation portfolio.

Goldman Sachs International, Morgan Stanley & Co. International plc and Eastdil Secured served as financial advisors to the Sellers and Jones Day as legal counsel. Bank of America and Citi served as financial advisors and Savills served as property adviser to Blackstone and Kirkland & Ellis and Gowling WLG served as legal counsel.

List of the country updates

Country updates

  • March 03, 2020

    Sequoia Economic Infrastructure Income Fund raises GBP 300 million (US$ 384.5 million)

    Sequoia Economic Infrastructure Income Fund (SEQI) has raised GBP 300 million (US$ 384.5 million) before expenses. The fundraising was very significantly oversubscribed and investor demand exceeded th...

    Read more
  • February 27, 2020

    PIN issued for market engagement process for railway project in UK

    East West Railway Company Ltd has issued a prior information notice (PIN) seeking to commence a market engagement process for the client-side partners procurement. The event presents a unique opp...

    Read more
  • February 24, 2020

    University of Exeter launches PIN for redevelopment of student accommodation project

    The University of Exeter has launched a prior information notice for the redevelopment of student accommodation with low-carbon purpose-built facilities with an expected investment of about GBP12...

    Read more
  • February 24, 2020

    GBP1bn housing development goes to tender in England

    Housing association Poplar Housing and Regeneration Community Association Ltd (Poplar Harca) in England has issued a contract notice for the regeneration scheme which involves the development of appro...

    Read more
  • February 21, 2020

    Vattenfall awarded as energy partner by Midlothian Council

    The Swedish multinational energy company, Vattenfall, has been selected by Midlothian Council as its energy partner in a 50/50 joint venture set to drive the shift towards low carbon living in th...

    Read more

Share this update