The Council of Lutheran Churches, advised by Gerald Eve, has sold the long leasehold interest in its central student accommodation centre to Scape Student Living for in excess of €20.2m (£17m). Located at 30 Thanet Street in St Pancras, the asset is an 82-bed student accommodation block with significant reconfiguration potential. The regear negotiations, also led by Gerald Eve, removed restrictive user and alienation clauses, unlocking value and positioning the property for sale. All advice and negotiation was undertaken in compliance with The Charities Act 2011.
William Ray, partner at Gerald Eve, said: “For charities withholdings such as 30 Thanet Street, the challenges are to identify where the value lies and the best way of unlocking it while ensuring compliance with The Charities Act. By regearing the long lease with the freeholder – itself a charity – and then disposing of the asset, the Council of Lutheran Churches has realised a significant level of capital that it can now put to better use in its wider charitable mission.”