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Blackstone to Acquire iQ Student Accommodation

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Blackstone is to acquire iQ from Goldman Sachs for £4.7bn in what is understood to be the UK's largest-ever private real estate transactions.

iQ Student Accommodation operates 67 student accommodation assets in the UK, with 80% of its residences in locations that house Russell Group universities.

Assuming the deal gets regulatory approval, Blackstone will buy the business from Goldman, which owns 70%, and the medical research charity the Wellcome Trust which owns 28%.

Commenting on the deal, James Seppala, Blackstone's head of European real estate, said: "British higher education is globally renowned and we are delighted to invest meaningful capital to support IQ's further growth."

He added that the deal is "testament to our long-term belief in the UK".

The announcement comes days after Blackstone said it would invest in UK infrastructure from a USD 14bn Saudi-backed fund.