BCLP advised Unite Students on sale of student accommodation portfolio to Lone Star

International law firm BCLP has advised the UK’s leading purpose-built student-accommodation developer, Unite Students, on the sale of nine student accommodation assets to Lone Star Funds for £212m.

The portfolio comprises 3,656 beds across properties located in Aberdeen, Leicester, Leeds, Nottingham, and Sheffield.

This transaction aligns with Unite’s strategy to increase its focus on high and mid-ranked universities and assets with strong prospects for sustainable long-term rental growth. The sale will also mark Unite’s full exit from the Aberdeen market. 

This is Unite’s second deal with Lone Star in three years and expands Lone Star’s presence in the UK housing market. 

The BCLP team was led by Unite Students’ Client Relationship Partner Celia Berg (Real Estate), supported by Senior Associates Katie Farrelly and Katie Pugh, and Associates Charlotte Scott and Grace Watling (all Real Estate). The wider team included Partner Andy West, Associates Maite Aguirre Quiñonero and Shen Ravendradas (all Tax), and Trainee Solicitors Molly Findler and Isaac Dundas (both Real Estate).

Pinsent Masons LLP acted for Lone Star Funds, with Appleby (Jersey) LLP acting for Lone Star Funds on the Jersey law aspects of the deal. Walker Morris LLP acted for Unite on the construction aspects and CMS Cameron McKenna Nabarro Olswang LLP acted for Unite on the Scottish law aspects.