Nabarro has advised Canada Pension Plan Investment Board (CPPIB) on the acquisition of the U.K. student accommodation portfolio operating under the Liberty Living brand from the Brandeaux Student Accommodation Fund. The total consideration paid for the portfolio and management platform was approximately £1.1 billion. As part of the transaction, CPPIB has acquired 100% of the Liberty Living management platform, Liberty Living Management Two Ltd, and will create a single, integrated company under the Liberty Living brand.

Liberty Living is one of the U.K.’s largest student accommodation providers with over 40 high-quality residences located in 17 of the largest university towns and cities across the U.K. Established in 2000, Liberty Living owns a geographically diverse portfolio of over 16,700 rooms and is one of the longest-standing and highly regarded owners and operators in this sector.

Leading the cross-practice area team from Nabarro was Funds and Indirect Real Estate partner Amanda Howard assisted by partner Christopher Luck. Real Estate partner, Nick Collins, Banking & Finance partner Mike Delaney, Tax partner Kirsten Prichard Jones, Intellectual Property partner Louise Gellman, Employment partner Richard Brown and Pensions partner Anne-Marie Winton were also involved in finalising the deal.

“As a long-term investor, this is an exciting investment for CPPIB and an ideal platform through which we can build further scale, capitalizing on Liberty Living’s position as one of the leading operators in the U.K. student accommodation sector,” said Andrea Orlandi, Managing Director, Head of Real Estate Investments Europe, CPPIB. “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.”

Commenting on the acquisition, partner Amanda Howard said:

“The student accommodation sector is now a key part of many global investment portfolios. The number of overseas students coming to study in Britain has triggered exponential growth. We are always excited to work on deals of this scale and complexity for international investors. CPPIB is perfectly placed to develop the Liberty Living brand.”

Morgan Lewis advised the owner of Liberty Living Management Two Ltd and Clifford Chance advised the Brandeaux Student Accommodation Fund.