SES Engineering Win Another Manchester Based Contract
21st Sep 2018
Crosslane Property Group (CPG) is seeking a partner to put up £325 million to forward-fund its entire student accommodation pipeline.
The portfolio, which is being sold under the name Project Echo, consists of more than 3,300 student bed spaces across 10 cities in the UK and Ireland.
It's estimated that once constructed, the assets will produce a net operating income of £20m a year and a yield of 8.3%.
The pipeline consists of 13 sites, two of which are already under construction, one in Swansea where planning is secured, three where planning permission is yet undecided, two where the site has been secured and a further five which are in the process of being acquired.
The first two schemes are due for completion this September and consists of 571 beds split between Newcastle and Manchester. The remaining student developments are scheduled for completion by September 2019.
CPG already has a portfolio of over 3,100 beds valued at around £216m and has appointed KPMG and PwC as joint advisors on the sale.
Under the deal, it's expected that the winning investor will purchase the land once planning permission has been granted and pay £242m to fund the development phase, with a lump sum being paid at practical completion to take the total cost of the acquisition to £325m.
CPG is also seeking to act as the developer as well as provide asset and property management to the investor once the student property has been built.
21st Sep 2018
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