SHIP Press Release
The Joint Administrators of Grant Residential Property Limited and Grant West Property Limited (GRPL and GWPL respectively), Fiona Taylor and Colin Dempster of Ernst & Young, have confirmed the sale of 366 residential properties out of administration to Europa Fund III, the pan-European fund managed by Europa Capital for an undisclosed sum. The acquisition was undertaken in partnership with Addington.
The portfolio comprises 366 properties located across 11 cities in the UK, including Birmingham, Bristol, Dundee, Edinburgh, Glasgow, Liverpool, Manchester, Newcastle, Nottingham, Salford and Stirling. The assets are located in areas of the cities attractive to the student occupier market. All properties are either close to the universities or within an established student residential area. Approximately 90% of the properties are located within cities that are anchored by a Russell Group University.
Rob Sim, Head of the Northern Region and Partner at Europa Capital comments: “The acquisition represents a rare opportunity for Europa Capital to acquire a student let residential portfolio at a discount to individual asset value which allows for competitive rental levels in comparison to new purpose build student housing. The location of the properties matches well to the supply and demand requirements of the student housing market in each city.
The remainder of the portfolios’ properties will continue to be managed under Lloyds Banking Group’s Residential Asset Management Platform (RAMP) while administrators progress discussions with interested parties.
Ms Taylor said: “This is a significant sale, covering properties situated in eleven UK cities including Edinburgh, Newcastle and Manchester. The remaining assets, which number approximately 200, will remain under the management of residential property specialists and preferred RAMP supplier Grainger plc while we engage in talks with potential buyers.”
