Alternative investment manager Carlyle and Generation Estates have acquired a site and two nearby properties in Whitechapel, London.
Alternative investment manager Carlyle and Generation Estates have acquired a site and two nearby properties in Whitechapel, London.
The investment volumes come to £17 mln (€20 mln).
The joint venture, known as Pure Student Living, plans to redevelop the site at 60 Commercial Road to create a new 19-storey building providing 417 student rooms and 2,000 sq ft (185 m2) of retail space to be delivered in 2015.
Pure Student Living now comprises five assets, including the 400-bed Pure Highbury in Finsbury Park, which is currently operational, and three further sites in Hammersmith, Southwark and Islington which are under development, as well as 60 Commercial Road.
The five developments have a gross development value of £400 mln and, once completed, will bring Pure’s portfolio to a total of 2,150 beds.
60 Commercial Road has an existing planning consent in place for the redevelopment of the site and creation of the student accommodation and retail scheme.
The joint venture has also acquired 122-126 Back Church Lane and will develop an office building providing 25,000 sq ft of office space targeted at the TMT sector.
Work is planned to commence in April 2013, with completion of the office building expected in late 2014 and the student accommodation building in summer 2015.
Commenting on the deal, Hafiz Ali, director at The Carlyle Group, said: 'We believe that the fundamental imbalance in supply and demand for purpose-built student housing in London presents an excellent opportunity, and look forward to bringing forward this project and sourcing further investments in future.'
