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SOURCE Avenue Capital Group
Acquired Properties Form Initial Phase of a Planned Substantial, Long-Term Investment by Avenue in the UK Student Accommodation Sector
LONDON, Oct. 4, 2013 /PRNewswire/ -- Avenue Capital Group, a global investment firm, today announced that it has acquired a portfolio of Purpose Built Student Accommodation assets in the United Kingdom totaling approximately 1,800 bed spaces. The terms of the transaction were not disclosed.
The assets, which are being acquired from KPMG, the Administrator to certain former Opal Property Group companies, are located in UK cities with major universities, and include 992 bed spaces in Sheffield and 648 bed spaces in Nottingham.
Avenue said that its acquisition of the former Opal Property Group properties forms the initial phase of a long-term investment it intends to make in the UK student accommodation sector.
"We are delighted to complete the acquisition of this portfolio of high-quality student accommodation assets," said Richard Furst, Senior Portfolio Manager of the Avenue Europe Strategy and CIO of Avenue Capital Group. "These properties will serve as the foundation of a broader investment that we intend to make in the UK student accommodation market over the long-term."
The sale process was undertaken by Savills, as appointed by KPMG.
Rob Croxen, joint administrator and partner at KPMG, said: "Following a period of stabilised trading, we are delighted to announce the sale of these properties to Avenue Capital. The sale ensures the continuity of high levels of service provided to students."
About Avenue Capital Group
Avenue Capital Group is a global investment firm focused on private and public debt, equity and real estate markets in the U.S., Europe and Asia. The firm is headquartered in New York, with offices in London, Luxembourg and Munich, and five offices throughout Asia. As of June 30, 2013, Avenue oversees approximately $12.2 billion of assets, on behalf of a sophisticated global base of institutional investors, the majority of which is pension funds, and also includes family offices, foundations, insurance companies and sovereign wealth funds. Avenue was founded in 1995 by Marc Lasry and Sonia Gardner and draws on the skills and experience of approximately 200 employees worldwide.
Contact for Avenue:
Kekst and Company
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