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London, 10th September 2012 - Jones Lang LaSalle has recently advised City University, London in the completion of the final phase of a long term project to dispose of two long leasehold interests for all of the student accommodation for the University in London.
The first phase was completed in August 2008, which saw two operational assets transfer to Liberty Living. Phase II, which completed in mid-August 2012 was the sale of a 125 year leasehold interest in the University’s current halls of residence site in Clerkenwell Road to Generation Estates, backed by Carlyle for a premium of over £20m. The acquisition was supported with senior debt from Barclays and Lloyds.
The existing accommodation was built in the early 1970’s and was at the end of its useful life. The University vacated the site in the summer of 2011 to make way for the redevelopment which will see an increase in accommodation from the current 480 beds to around 800 along with a new sports centre and 2,000 sq m of educational space. The University has nomination rights over all of the accommodation and is taking occupational leases of the sports centre and educational space. The new accommodation is targeted for delivery in September 2014.
Kevin Gibbons, Director of Estates and Facilities at City University, London commented:” “This deal has been achieved in challenging market conditions and will support further investment across our estate. The scheme reinforces our drive to raise standards and will give our students excellent facilities for the future.”
Martin Hadland, Director in the Higher Education team at Jones Lang LaSalle commented: “This transaction represents excellent value for the University generating a significant capital receipt and providing flexible access to new high quality accommodation for its students.”
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