UK student accommodation provider Unite Students has completed the £73 mln (€82 mln) acquisition of Jubilee House, in Stratford, London, from Schroders Capital UK Real Estate Fund (SCREF).
The existing office building has received full planning permission for a 36-storey tower, providing 716 beds for students.
The development in Farthingale Walk will also incorporate 6,039 m2 of academic space, which will be occupied by the London Academy of Excellence (LAE) for an initial 35-year term, through the Secretary of State for Levelling Up, Housing and Communities.
Work on the project is due to begin in Q2 2023, with total development costs estimated at £185 mln (€208 mln).
Joe Lister, Unite Students’ CFO, said: ‘This is an exciting opportunity in a great location, where we already provide homes to over 2,000 young people, and underpins our ongoing commitment to help meet London’s much-needed student accommodation demands. We are also proud to support a new collaboration with the London Academy of Excellence. Complementing our own values, the LAE is dedicated to supporting students, particularly those from less-advantaged backgrounds, in securing places at some of the UK’s best universities.’
Rob Cosslett, fund manager for Schroders Capital, added: ‘We are delighted to complete the sale of Jubilee House to Unite, following the combined efforts of our team and development partners to secure planning permission at the site, alongside an agreement for lease with the London Academy of Excellence. The conversion of Jubilee House into student accommodation is set to be an exciting project which perfectly suits the needs of the surrounding community.’
The completion of the student accommodation is planned for the academic year 2026/27.
Student accommodation is provided through a university partnership, with the majority of the beds being let to a London university under a deal known as a nomination agreement.
