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UK student accommodation portfolio changes hands for £869M

iQ Student Accommodation acquired the 11-building, 3,644-room Pure Student Living business from LetterOne Treasury Services for £869 million, Property Week reported.

The business, which is also known as the Regent portfolio, is spread across London, Edinburgh, York, Bath and Brighton.

Following the acquisition, the buyer will rank as the second largest provider of purpose built student accommodation in the U.K. with a portfolio valued at £3.2 billion, the report noted. The acquired properties will be rebranded as iQ in spring 2018.

The acquisition takes the buyer's total portfolio to roughly 28,000 rooms in 66 locations across the U.K., according to the Dec. 21 report.