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Blackstone To Acquire IQ Student Accommodation From Goldman Sachs For $6B

By John F. Heerdink, Jr.

The Goldman Sachs Group, Inc. (GS) is one of the world’s leading investment bankers & also a securities and investment management firm that offers a wide range of financial services with a diversified client base.

Reportedly, Goldman Sachs Group Inc. and the Wellcome Trust are set to sell the IQ Student Accommodation business to Blackstone Group Inc. Blackstone owns and manages properties with more than 28,000 beds in the U.K to pay 4.66 billion pounds ($6 billion) for the business.

“This acquisition is a continuation of our strategy to invest in high-quality assets and businesses in the U.K. and testament to our long-term belief in the U.K.,” stated James Seppala, Blackstone’s head of real estate in Europe.

The Wellcome Trust was among the founding investors of iQ in 2006 with the business merging with Goldman Sachs’ student housing company in 2016. Private-equity firms are betting heavily on U.K. real estate and student housing has been a major bet, as students significantly outnumber the rooms available in purpose-built accommodation.

Goldman Sachs’s merchant banking division and the Wellcome Trust was advised by Goldman Sachs International, Morgan Stanley, and Eastdil. Bank of America Corp., Citigroup Inc., and Savills Plc advised Blackstone in the acquisition.

The deal is subject to regulatory approval.

To learn more about The Goldman Sachs Group, Inc. (GS) and to continue to track its progress please visit the Vista Partners Goldman Sachs Group, Inc. (GS), Coverage Page

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(Read Original Story: Goldman Sells Student-Dorm Business to Blackstone for $6 Billion in Bloomberg)


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