Keystone to buy Wembley student flats for EUR 60m

Residential real estate specialist Keystone & Partners has agreed to purchase a 660-bed student accommodation block being developed by London-listed Quintain Estates & Development next to London's Wembley Stadium. The total investment volume will come to about EUR 60 mln.

Keystone will purchase a long leasehold interest in the land of 251 years for £14.5 mln (EUR 16.3 mln). In a separate development agreement, Keystone will make a further payment of £38.5 mln (EUR 43.4 mln) to Quintain, following practical completion of the building, which is expected to be in the summer of 2012.

Separately, Real Partners has agreed the purchase of five self-contained three-bedroom residential units, which form part of the development, for a total consideration of £1.5 mln. On practical completion of the building, Keystone and Real Partners S.A. will pay Quintain modest annual index-linked ground rents.