London—Dentons has advised funds managed by Apollo Global Management on the sale of an eight property UK Purpose Built Student Accommodation (PBSA) portfolio to QuadReal Property Group for consideration in excess of £500 million.
The student properties sold comprise 3,460 beds across eight assets including the 699-bed Pavilion Court in Wembley; the 576-bed Crown Place in Portsmouth; the 374-bed Crown Place in Cardiff; the 705-bed Crown Place in Norwich; the 225-bed Silk Mill in Edinburgh; the 250-bedroom Hillside House in Sheffield; the 422 bedroom Bridle Works in Glasgow; and the 209 bed Chamberlain Place in Birmingham.
A Dentons team lead by London real estate partner Simon Masri advised Apollo on the transaction.
Commenting on the deal, Simon said: “We are delighted to have advised Apollo Global Management on the sale of these high-quality assets in key Russell Group locations. We are continuing to see investors having confidence in the long-term growth and resilience of the PBSA sector.”
Simon was assisted by corporate partner Matthew Tinger, corporate associate Daniel Kaye and Construction counsel Bruce Hale.
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