Student accommodation developer
Unite has sold the blocks with 1,358 beds in Wembley and
The company said that most of the Wembley and
Unite said net proceeds from the sale will be used to repay group debt and then reinvested in its development pipeline over time.
LSAV will fund the acquisition through £208m of equity from Unite and GIC and a £140m 8-year loan provided by Barings.
Unite said it would continue to manage and operate the properties, under its management agreement with LSAV.
“The transaction means we have now delivered over £260 million of disposals in the year to date on a Unite share basis,” said Unite chief executive
“This provides us with significant capacity to reinvest in our development pipeline, including opportunities in London,” he added.
The post
© City AM, source