UCD to Rent Privately to Provide Student Housing
24th Mar 2023
Confirmation was made today by Liverpool-based developer and property manager, Downing Corporate, that a deal has been agreed with Greystar Real Estate. Greystar will purchase five of Downing's properties from across their student and build to rent portfolio for £388m.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally.
The deal forms part of Downing's aggressive growth strategy, aiming to continue their expansion across the UK. Downing are looking for development opportunities to further build on their pipeline portfolio which is currently valued at £1 billion.
The purchased properties include four student accommodations which together comprise a total of 1,807 beds: River Street Tower in Manchester; Holbrook and Pound Field in London; and City Point in Coventry.
As well as the student accommodations, City Club in Coventry, a built to rent asset which includes 100 homes, was also part of the deal. Greystar has announced plans to operate this property as housing for young professionals.
Greystar plan to continue to invest in the properties to maximise value through leasing, asset improvements, and other capital projects. Existing staff at the developments will join the Greystar team as part of the acquisition.
Downing has stated: "We received strong interest from large institutional investors and this agreement is testament to our ability to source great development opportunities, build exceptional residential schemes and operate them with strong occupancy and profitability."
"We are proud to continue to set the standards in terms of delivering transformational places with exceptional design, build and management. "
George Downing, Found of Downing Corporate, said: "This announcement marks an exciting milestone for our business. With over £1 billion worth of developments in the pipeline at sites across the UK, the agreement we have reached with Greystar will allow us to look for opportunities to grow our development programme further."
Ben Mowbray, Senior Director of UK Investment at Greystar, commented: "Greystar is well positioned to capitalise on increasing demand for high-quality student accommodation. Meanwhile, we will be introducing young professional housing to our portfolio in the UK for the first time which has been very successful in our other European markets."
