US Duo Lead as Goldman Sachs and PE Giant Shake Hands on Multi-Billion Property Deal
The £4.7 billion transaction is among the largest ever UK private real estate deals.
February 27, 2020 at 05:43 AM
2 minute read
One of iQ Student Accommodation's rooms in Bangor. Credits: iQ Student Accommodation
Kirkland & Ellis and Jones Day are leading as private equity giant Blackstone purchases a major U.K. student accommodation provider from Goldman Sachs and the Wellcome Trust, in a multi-billion pound deal.
The £4.7 billion sale sees Goldman's merchant banking division and the Wellcome Trust jointly offload iQ Student Accommodation to Blackstone in what the law firms involved have called the U.K.'s largest-ever private real estate transaction.
Formed in 2006, iQ is one of the U.K.'s leading providers of purpose-built student accommodation. The Wellcome Trust was one of the founding investors, and combined with Goldman Sachs' student housing business in 2016. The company owns and manages over 28,000 beds across the U.K, according to a statement by iQ.
Kirkland is advising Blackstone, fielding a team led by corporate partners Michael Steele, Carlos Gil Rivas and Dipak Bhundia.
The team was also supported by tax partner Tim Lowe, as well as by technology and intellectual property transactions partner Emma Flett.
Gowling WLG also provided real estate advice to the private equity giant with lead partner Michael Twining, while Simpson Thacher & Bartlett also advised on antitrust matters, according to a person with knowledge of the matter.
On the other side, Jones Day advised the joint sellers, Goldman Sachs and the Wellcome Trust, with a team led by corporate partner Giles Elliott, tax partner Anthony Whall, finance partner Andrew Barker and real estate partner David Smith.
Last year, Kirkland advised Singapore-based logistics solution provider GLP on the sale of a $18.7 billion logistics asset to Blackstone Group, with a team again co-led by Michael Steele.
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