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09/06/2015
Mace Completes £110m Sale
Mace has announced the sale of a campus development to Greystar Real Estate Partners.
The £110 million deal involves the sale of Assam Place, home of the Hult International Business School in Aldgate, London.
The development is a campus of three buildings, comprising of 346 student residential rooms along with over 37,000 sq ft of teaching accommodation.
Mace acquired the site in 2010 following a successful planning application.
The company redeveloped and refurbished the part-listed building, which was fully occupied in September 2012.
David Grover, Mace's Chief Operating Officer, Investment, said: "There was a lot of interest when we first put the development for sale on the open market and I’m delighted that we’ve found an ideal buyer with Greystar.
"This was a perfect project for Mace investment giving us the opportunity to develop, construct, let, and then sell the asset, which allows us to reinvest the capital into future projects."
Greystar’s UK Managing Director, Brett Lashley, said: "In Assam Place, the team at Mace did a brilliant job of developing an asset that balances historic preservation and the sophisticated amenity and living spaces required by residents today."
(LM)
The £110 million deal involves the sale of Assam Place, home of the Hult International Business School in Aldgate, London.
The development is a campus of three buildings, comprising of 346 student residential rooms along with over 37,000 sq ft of teaching accommodation.
Mace acquired the site in 2010 following a successful planning application.
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The company redeveloped and refurbished the part-listed building, which was fully occupied in September 2012.
David Grover, Mace's Chief Operating Officer, Investment, said: "There was a lot of interest when we first put the development for sale on the open market and I’m delighted that we’ve found an ideal buyer with Greystar.
"This was a perfect project for Mace investment giving us the opportunity to develop, construct, let, and then sell the asset, which allows us to reinvest the capital into future projects."
Greystar’s UK Managing Director, Brett Lashley, said: "In Assam Place, the team at Mace did a brilliant job of developing an asset that balances historic preservation and the sophisticated amenity and living spaces required by residents today."
(LM)
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