The Pure Student Living student accommodation platform was created as a result a joint venture between Carlyle European Real Estate Partners III and Generation Estates the aim of which was to establish a high quality, geographically spread portfolio in Central London.
In the immediate period following the Global Financial Crisis, Generation was able to identify a number of well located sites that together provided the potential to create a sizeable London presence. Working with JLL Corporate Finance, a transaction was concluded with the Carlyle Group in early 2010.
Between April 2010 and the sale of the student portfolio to Letter One at the beginning of March 2015, CEREP III was able to deploy circa £131M of equity whilst the venture raised senior debt of approximately £185M in order to undertake a development programme which was completed at the end of August 2015.
On exit, an equity multiplier of 3X was achieved with an IRR of 42%.
Real Estate Living Specialists