International legal practice Osborne Clarke has advised Campus Living Villages on the acquisition of a long leasehold interest in Cranborne House, granted by the University of Bournemouth.
Cranborne House adds to the three properties already owned and managed by Campus Living Villages and takes their bed numbers in Bournemouth to a total of 1,201.
The site is situated on the University’s Lansdowne Campus which is home to 497 students, a popular location that’s within walking distance of the centre of Bournemouth, the beach and the Students’ Union. The site is also adjacent to the location of a major new academic development on the Lansdowne Campus.
Funding for the transaction was arranged through an income strip with Aviva. The acquisition completed on 8 September, 2017, with Campus Living Villages managing the site from 8 September, 2017.
Chris Wade, Partner and real estate specialist at Osborne Clarke, who provided legal advice on the matter, commented: “Demand for student accommodation continues to grow and Campus Living Villages is widely regarded as a global stand-out player that delivers large-scale, complex projects within the sector. We are proud to have worked with them for nearly 10 years and delighted to have been able to advise them in relation to the expansion of their Bournemouth portfolio.”
Richard Gabelich, CEO of Campus Living Villages UK said: We’re delighted to acquire yet another high quality student accommodation site in Bournemouth and to further our partnership with Bournemouth University.
“Cranborne House joins our existing portfolio, working alongside the University to offer unparalleled student experience in the city. This site, along with future developments we have planned, shows our commitment to deliver outstanding student experience in major university locations across the UK.”
Campus Living Villages is a valued and long standing client of Osborne Clarke’s, having previously advised the company on the sale of a student accommodation building in Salford to IMOPRO SA, a Belgium based company. The team that advised on the acquisition were led by Partner Chris Wade who was assisted by Associate Directors Michael O’Haire and Caroline Saul and Associate Amy Dimond.
With over 250 years of property expertise, Osborne Clarke’s Real Estate and Infrastructure sector team is a recognised industry leader in student accommodation. The team works with pan-European clients and currently acts for five of the top student accommodation providers in the UK.