Mace has completed the sale of Assam Place, home of the Hult International Business School, to Greystar Real Estate Partners for £110 mln (approx. €150 mln).
Located in Aldgate in the heart of the City of London, Assam Place is a self-contained campus of three buildings, comprising of 346 high quality student residential rooms and 3,513 m² of university teaching accommodation in a mixture of striking modern and retained heritage architecture.
Mace’s involvement in Assam Place started in 2010, initially via the land acquisition of the site following a successful planning application. Mace then redeveloped and refurbished the part-listed building which was fully occupied in September 2012.
Mace has recently won the award for PRS Deal of the Year at the Resi 2015 Awards for its work to bring forward the Newington Butts development in London and is another sign of the growing strength of the company’s investment business.
Greystar’s UK Managing Director, Brett Lashley, said “our UK business was established in 2013 with the stated intention of buying high quality and well located assets serving world class educational institutions. In Assam Place, the team at Mace did a brilliant job of developing an asset that balances historic preserva-tion and the sophisticated amenity and living spaces required by residents today. We are thrilled to add this wonderful asset to our portfolio”.