18 May 2022
We advised EQT Real Estate II Investments ('EQT') on its acquisition of the Great Court student residential building in Bermondsey, London, via a corporate purchase of Bermond Developments Limited ('BDL'). The deal is EQT’s first transaction in the student housing market.
EQT's acquisition of BDL and its subsidiary, Bermond Operational Company limited, from Tide Construction via EQT's newly incorporated company, UK Student Holdco Limited, is valued at £60 million. BDL is a property holding company for the student residential building Great Court, a nine-storey, 250-room accommodation located in Bermondsey.
It provides a high-specification offering to students including 24/7 reception, gym, study space, courtyard, cinema and lounge. The development was built with excellent sustainability credentials, achieving BREEAM Excellent and EPC A.
We have a longstanding relationship with EQT, having advised the company in September 2020 on its £1 billion joint venture investment portfolio that added 3000 new rental homes to Greater London.
The firm's involvement with this latest deal spanned several different areas of expertise including real estate, corporate, commercial, tax and banking.
Commenting on the acquisition, real estate partner Keith Barnett, said: "The student housing market marks a foundational venture for BDL, whom we worked closely with throughout the transaction to make sure every element was seamless. Working with EQT once again has been a real highlight for all of the teams involved and we look forward to seeing the site flourish."
Russell Petrie, Head of Student – Europe at EQT, added: “It was a great experience to work with Taylor Wessing again on this acquisition. Our expansion into the student housing market and the range of advice needed was expertly supported by our legal team. Taylor Wessing handled everything to the highest standard, making sure the deal was a success."
Our team was led by partners Keith Barnett with support from partners Edward Story, Liz Wilson, Suzy Davis and Gabriel Estevez, senior counsels Hanna Ross and Liz Clare and associates Steph O'Hare, Jo Bassett, Alex Tocili, Catherine Ossai, Pip Moss, Nick Evans, Jack Wain and Rebekah Prince.
by multiple authors