CHRYSTAL CAPITAL ADVSISES CONDOR PROPERTIES ON ITS SALE TO BROOKFILED AND SHM
Chrystal Capital Partners LLP (“Chrystal”), a Mayfair-based corporate finance and investment house, is pleased to announce that it has advised Condor Properties (“Condor”) on the sale of a portfolio comprising over 1,000 beds across 197 assets located in key UK university cities including Aberystwyth, Cardiff, Exeter, Liverpool, Loughborough, and Swansea. Condor’s established operating platform has been acquired by a joint venture between a trade operator and a major institutional investor, with the terms of the transaction remaining undisclosed.
Since its inception in 2009, Condor Properties has become one of the UK’s fastest growing Student Accommodation providers. Originally assembled by a family office in the aftermath of the financial crisis, the Condor portfolio has grown into a substantial collection of student accommodation assets across the UK. Following an unsolicited approach, and with no family succession in place to oversee a portfolio of this scale, the owners decided the time was right to pursue a discreet and carefully managed sale process.
““Having known Mark for over 15 years it was an honour to be given the responsibility of selling a portfolio of student housing that he had built up since 2010. We spent considerable time scoping the market and ensuring that we had a buyer who were serious in their intent to move quickly and deliver on promised terms. We now know there are a number of instiutional buyers in the market and how best to approach them.””
““No one had undertaken a transaction of the size and nature of Condor and we needed to trust an advisor that could take us through unchartered waters. James and his team got the job done in a matter of a few short months with an outcome that was good for all parties.””
The Transaction
Brookfield Asset Management, a global alternative asset manager, and Student Homes Management (‘SHM’), a UK co-living investor with over 2,000 beds under management, have acquired a 997 bed UK-based student housing portfolio.
The acquisition of Condor Properties, an owner-operator specialising in student houses in multiple occupation (HMOs), represents Brookfield’s first foray into UK student HMO housing, having previously held a substantial purpose built student accommodation portfolio in the UK; for SHM, the acquisition adds significantly to their existing portfolio and widens their national presence within the student accommodation sector.
The joint venture between Brookfield and SHM has appointed Loc8me to manage the portfolio across its six university cities, including Exeter, Liverpool and Cardiff.
The acquisition is the largest student HMO deal in recent memory, coming hot on the heels of the Renters’ Rights Act, which received royal assent on 27th October. The sale of the HMO portfolio to Brookfield and SHM signals the beginning of a predicted shift towards institutional landlords within the rental sector as smaller portfolio landlords grapple with the changing regulatory landscape.
About Condor Properties
Condor Properties is a specialist student letting agent operating in Aberystwyth, Cardiff, Coventry, Exeter, Hereford, Liverpool, Loughborough, and Swansea. It has a dedicated, highly reactive maintenance team and a dedicated Location Manager for each city where it lets student HMO properties.
Condor has developed a strong brand and won the prestigious accolade of Corporate Landlord of the Year at the 2014/15 Landlord & Letting Awards. As an owner operator Condor actively manage all their properties. Operating in 8 cities across the UK their target market is middle to upper end student accommodation.
For more information about Condor Properties, please visit https://www.condorproperties.co.uk/.
About Chrystal Capital
Chrystal Capital is an entrepreneurial corporate finance and investment house with an established global network of Single Family Offices (SFOs), Ultra High Net Worth Individuals (UHNWIs) and private equity co-investment partners. We act as a conduit between our network members, providing bespoke solutions for their capital and investment objectives.
Our core sectors are Digital Economy, Health & Wellness, Sustainable & Impact Investments, Property and Natural Resources.
Our service areas are Advisory, Principal Investments and Co-investments.
For more information about Chrystal Capital please visit https://www.chrystalcapital.com.
For further information please contact:
James Innes, Managing Partner
james.innes@chrystalcapital.com
https://www.chrystalcapital.com