Blackstone to buy iQ Student Accommodation for almost £4.7bn

Goldman Sachs Merchant Banking Division and the Wellcome Trust have announced the sale of iQ Student Accommodation to Blackstone for £4.66bn, subject to regulatory approvals.

iQ was formed in 2006 — with Wellcome as one of the founding investors — and merged with Goldman Sachs’ student housing business in 2016.

The purpose-built student accommodation provider owns and manages over 28,000 beds in 27 towns and cities across the UK, including London, Manchester, Leeds and Birmingham.

Rob Roger, CEO at iQ Student Accommodation, said: “I am delighted to be working with a partner of Blackstone’s calibre as we continue to deliver our ambitious growth plans.

“…There has never been a more exciting time to be a leading player in the student accommodation sector.”

Richard Spencer, managing director at Goldman Sachs, added that it was proud to have been part of iQ’s journey.

“The company’s focus on customer service and continued investment in the platform has enabled iQ to become a leader in the sector and provide an outstanding experience to students.” 

James Seppala, head of real estate Europe at Blackstone, commented: “This acquisition is a continuation of our strategy to invest in high-quality assets and businesses in the UK and testament to our long-term belief in the UK.  

“British higher education is globally renowned, and we are delighted to invest meaningful capital to support iQ’s further growth and continue to deliver the highest quality accommodation for students across the country.”

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