Eversheds Sutherland has advised long-standing client Letterone Treasury Services on the completion of the sale of its Pure Student Living student accommodation portfolio to iQ Student Accommodation (iQ).

The LetterOne group (LetterOne) is a privately owned Luxembourg-based global investment business focused on utilising its financial resources, management and investment expertise to make value-driven investments internationally. Letterone Treasury Services manages the group’s liquidity.

With the completion of this sale, LetterOne exits the UK student accommodation market having first acquired the properties in 2015 – a transaction on which Eversheds Sutherland also provided Real Estate, Construction, Corporate and Tax advice.

The Eversheds Sutherland team was led by Real Estate Partner Nicholas Bartlett and Corporate Partner Aleen Gulvanessian. The team comprised: Partner Jonathan Douglas (Construction), Principal Associates Philippa Widman (Real Estate), Nicola Evans (Corporate) and Lucy Chadwick (Construction), Senior Associate Hannah Kelly (Tax) and Associate Angus Simpson (Corporate). 

Nicholas Bartlett, Eversheds Sutherland commented: 

“We are pleased to have advised LetterOne on this transaction having advised on the initial acquisition and to have the opportunity to strengthen the relationship we have with our client. We look forward to advising on future projects.” 

Nitin Bhandari, Head of Direct Investments at LetterOne commented: 

“As the business moves into the next stage of its evolution, we are very pleased that this particular area of the business has found a home with iQ.”