Goldman Sachs Merchant Banking Division (Goldman Sachs) and the Wellcome Trust (Wellcome) announced the sale of iQ Student Accommodation (iQ) to Blackstone for GBP 4.66 billion (US$ 6.01 billion). The transaction is subject to regulatory approvals.
iQ is one of the UK’s leading providers of Purpose Built Student Accommodation. It was formed in 2006 with Wellcome as one of the founding investors and merged with Goldman Sachs' student housing business in 2016. Today the company owns and manages more than 28,000 beds across the UK, with a focus on Russell Group cities, and with a development pipeline in excess of 4,000 beds all located in cities of highest student growth and demand. iQ’s portfolio of purpose-built assets is concentrated in London, where iQ is the largest owner of student accommodation, and other leading U.K. university cities - Manchester, Leeds, Sheffield, Edinburgh and Birmingham.
iQ’s integrated operating platform combines a market-leading focus on customer service and digital innovation, with continuing investment in its high-quality accommodation portfolio.
Goldman Sachs International, Morgan Stanley & Co. International plc and Eastdil Secured served as financial advisors to the Sellers and Jones Day as legal counsel. Bank of America and Citi served as financial advisors and Savills served as property adviser to Blackstone and Kirkland & Ellis and Gowling WLG served as legal counsel.