Bedell advises on £271 million student accommodation fund acquisition

Bedell Cristin Guernsey has advised the Unite UK Student Accommodation Fund (USAF) in which the Unite Group PLC has a 22 per cent stake, on both the Guernsey and Jersey law aspects of its acquisition of a 2,100 bed student accommodation portfolio for £271 million.

Kate Ovenden and Sukh Chana of Bedell’s Guernsey office worked with Bruce Scott and Tom Davies from Bedell’s London office to provide advice on the deal.

The portfolio, acquired from Ahli United Bank (AUB), represents the entire AUB UK Student Accommodation Fund and comprises eight modern, high quality assets located across seven prime student accommodation markets that complement USAF's existing portfolio.

The acquisition increases USAF's property portfolio value by 16% from £1.64 billion to £1.91 billion, comprising 26,920 beds in 76 properties across 25 UK towns and cities.