Apache Capital Partners has exchanged contracts with a joint venture between Greystar Real Estate Partners LLC , a global leader in the investment, development and management of rental housing, a subsidiary of the Public Sector Pension Investment Board and Allianz Real Estate to dispose of a large purpose-built student accommodation (PBSA) asset in London’s Shoreditch.
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Paul Street was developed by Apache with JV Partner McLaren Property with the building being completed in August 2015. It has been 100% let in every year of operation.
The sale of Paul St. East, in the heart of London’s tech quarter and close to Amazon’s east London office, for in excess of £160m is one of the biggest single-lot transactions in the history of UK’s PBSA and sets a new pricing benchmark for the sector.
Apache Capital plans to reinvest funds from the deal into its own build-to-rent pipeline with Moda Living, one of the UK’s largest national multifamily pipelines with 6,500 apartments across nine cities.