Liberty Living Student Accommodation bought by CPPIB
Liberty Living has been sold by the Brandeaux Student Accommodation Fund to Canada Pension Plan Investment Board (CPPIB) in a deal that has been reported as being worth £1.1 billion.
Liberty Living, established in 2000, owns more than 16,700 rooms across 40 residences in 17 cities and towns across the country, including a significant presence in Liverpool. CPPIB acquired Liberty Living after a competitive auction process.
Andrea Orlandi, managing director and head of real estate investments Europe at CPPIB, said:
“As a long-term investor, this is an exciting investment for CPPIB and an ideal platform through which we can build further scale, capitalising on Liberty Living’s position as one of the leading operators in the UK student accommodation sector.
“This sector is an attractive one for CPPIB and we expect to see continued demand for well-located and well-managed student residences such as those within the Liberty Living portfolio.”
Charles Marshall, chief executive of Liberty Living, said:
“We look forward to a long-term relationship with CPPIB to grow our market share by continuing to deliver top-quality student accommodations across the UK.”
Macquarie Capital acted as sole financial adviser to CPPIB.
Words: Peter Cribley