Hogan Lovells has advised on a series of transactions in the student accommodation sector in the first quarter of 2014, completing three acquisitions for LaSalle Investment Management.
At the turn of the year, Hogan Lovells advised LaSalle on the acquisition of the 435 bedroom Victoria Hall complex in Wembley; followed by the acquisition from a joint venture between Bridges Ventures and Chancerygate of The Curve, a 350 bedroom development in Aldgate; and most recently the acquisition of Darley Bank, a 405 bedroom facility in Derby developed by Watkin Jones Group.
These latest acquisitions by LaSalle follow Hogan Lovells advising a number of other clients in relation to student accommodation acquisitions throughout the country in 2013, including in Bournemouth and Nottingham.
The Hogan Lovells team advising LaSalle on the Wembley and Aldgate transactions was led by Global Head of Real Estate Jackie Newstead and London real estate senior associate Anthony Newton, assisted by tax senior associate Aaron Burchell and real estate associates Matthew D'Arcy and Rosie Kent. The Derby acquisition was led by London real estate partner John Condliffe and senior associate Laura Oliver, again assisted by tax senior associate Aaron Burchell and construction associate Fongphu Tran.
Commenting on the recent transactions, LaSalle client partner John Condliffe said:
"We continue to see high levels of demand from our institutional clients for opportunities in the student accommodation sector, with the attraction of favourable rates of return. As this develops as an asset class, clients are becoming increasingly comfortable with the intricacies that this involves and we are pleased to have played our part in this. We are delighted to have worked with LaSalle in completing this exciting series of transactions."
LaSalle Regional Director Richard Debney said:
"We are pleased to have worked with Hogan Lovells in securing a number of assets in the student accommodation sector which we are confident will deliver consistent, attractive income returns with excellent prospects for capital growth."
