Blackstone Buys London, Edinburgh Student Dorms for £370 Million
- Private equity firm bets on housing shortage in student cities
- Purpose-built housing near universities has seen rental growth
Vega student accommodation in London.
Photographer: McCoy WynneThis article is for subscribers only.
Blackstone Inc.’s IQ Student Accommodation business has bought properties in London and Edinburgh as the private equity firm continues to bet on the shortage of purpose-built housing in the UK’s top university cities.
The landlord has acquired Vega, an 841-bed property in London’s Vauxhall district and The Mont, a 324-bed property in central Edinburgh, according to a company statement Wednesday. The combined value of the acquisitions, which were purchased from Downing Students, is about £370 million ($449 million), people with knowledge of the terms said, asking not to be identified as the details were not public. A spokesperson for Blackstone declined to comment on the price.