Funds managed by Ares Management and Generation Partners have invested in a UK student accommodation development.
Residential and student property developer McLaren Property said its Leonardo and Thoresby buildings development in Leeds has been funded by funds, who will also acquire the completed development.
Details of the funds involved were undisclosed.
The 473-bed scheme, which consists of the refurbished and listed buildings in the Civic Quarter of Leeds City Centre as well as a new-build block, will be completed in 2023.
Wilson Lamont, partner and co-head of European real estate equity in the Ares real estate group said: “Student accommodation is a key growth sector for Ares. The unique McLaren development is in one of Britain’s leading regional cities with a thriving student population and fits well within our strategy.”
Tom, Gilman, regional managing director of McLaren Property, said the Leonardo and Thoresby buildings development builds on McLaren Property’s commitment to Leeds, where it also working with the city council on planned commercial and build to rent projects in Wellington Street, also in the city centre.
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