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Mace Sells Student Schemes

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Mace has off-loaded part of its student accommodation portfolio to Ares Generation for £157.5m.

Ares Generation is a joint venture between Ares Management Corporation and Generation Partners. The acquisition of the two sites, one in Exeter and on in Cardiff, represent the first in the UK for the JV.

The assets acquired by the JV include the Depot in Exeter and West Wing in Cardiff. In total, the sites contain 1,359 beds and consist of a range of room types, from studios to 12-bed cluster flats.

Commenting on the deal, Richard Bienfait, chief financial officer of Mace, said: "We are very proud to have developed two high quality student accommodation facilities in the heart of the Russell Group university cities of Cardiff and Exeter. We are delighted to have secured a great value transaction with Ares and Generation. This transaction allows Mace Develop to focus on other new and exciting opportunities one of which is the regeneration of Stevenage Town Centre."

Meanwhile, Wilson Lamont, Ares partner and co-head of European real estate equity at Alan Artus, added: "We are delighted to have concluded this transaction with Mace to acquire two high-quality buildings in the first transaction undertaken by the Ares Generation joint venture."