DLA Piper has advised leading real estate investment firm Harrison Real Estate Capital LLC, on its joint venture with Crosslane Property Group UK, a real estate company specialising in purpose built student accommodation (PBSA) across the UK and Continental Europe.

The JV will jointly develop four student accommodation properties totalling 1,267 beds in Leeds, Coventry, Portsmouth and Swansea.

The DLA Piper team comprised Real Estate Finance partner Laurence Rogers, Corporate real estate legal director Mark Satterly, Corporate partner Robert Salter and legal director Sam Jaffray, all London, Real Estate partner Stephen Blacksell and Construction Partner Ian Doig, Sheffield, Tax partner Mark Burgess, Birmingham, IPT partner Roger Gough in Sheffield and US Tax partner Jesse Criz in Chicago.

Stephen Blacksell said: “This was a major project involving the establishment of a JV limited partnership, a development financing with two funders and a share purchase by the Limited Partnership. It is, importantly, a significant vote of confidence in UK purpose built student accommodation, and reflects the fact that this asset class is still generating substantial interest from international capital.”

DLA Piper recently advised Harrison Real Estate on a joint venture with LinkCity for the development of a 435 bed student accommodation scheme in Birmingham.