Barclays gets out of student housing with £840m sale
Barclays today sold its 60% share of the UK’s second-largest student-housing operator to a Dutch pension fund manager in a deal valued at £840 million.
Although PGGM of the Netherlands did not disclose what it paid for the stake in UPP, it did say the company is worth £1.4 billion. UPP manages dormitories for 11 UK universities, housing about 22,000 students and generating annual rental income of £104 million. The company plans to invest £1 billion in the next two years to build and renovate college facilities, which would increase its yearly rental revenue to £133 million, according to the statement …