BLP acts for Tristan Capital Partners on its £439m acquisition of a majority stake in Downing UK student housing portfolio
International law firm Berwin Leighton Paisner (BLP) acted for Tristan Capital Partners, independent London-based real estate investment management boutique, on its acquisition of a majority 90% interest in a Downing developed and managed 3,636 bed UK student housing portfolio comprising four operational assets (delivered in 2015 and 2016) and four assets in the course of construction (two delivered in September 2017 and the other two in 2018) for the sum of £439m.
Founded by George Downing 30 years ago, Downing are recognised student housing developers with schemes in most prestigious university cities in the UK. Downing has retained a 10% stake in the portfolio to ensure alignment of interest. It will also continue to manage the assets. Tristan acquired the six operational assets completed in 2017 with a forward commitment to acquire the remaining two assets upon practical completion in 2018 (which includes a site in London). Debt funding was provided by AIG.
The BLP core deal team has been led by Chris de Pury, Head of Real Estate, Corporate Partner Adam Bogdanor, Head of Tax Elizabeth Bradley and Real Estate Finance Partner Claire Watson together with Deepa Deb-Rattray and Harry Blathwayt (Real Estate), Raymond Fang and Patrick Lily (Corporate), Ceinwen Hayes and Jon Cooper (Tax) and Gordon McMillan (Real Estate Finance).
Hill Dickinson (Corporate) and DLA (Real Estate) acted for Downing and MacFarlanes represented AIG.