After some huge investments in the student accommodation market over the last few years, Goldman Sachs and the Wellcome Trust have brought together their assets under a new £2 billion joint venture.
Vero Group will become the closest competitor to the UK's leading provider of purpose built student accommodation, Unite Group. Its formation follows a massive £6 billion investor pile in to the UK student accommodation sector last year.
In the new venture Goldman (who will own 68.4% of Vero) and the Wellcome Trust (with 28% ownership) will also be joined by US real estate investor Greystar (3.6%). It brings together Goldman's Prodigy Living brand and Wellcome's iQ range of accommodation - meaning the new venture holds a combined 23,500 student beds.