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Goldman Sachs and The Wellcome Trust form student accommodation focused Vero Group

Student accommodation owners Goldman Sachs, Greystar and The Wellcome Trust have announced a new joint venture, Vero Group, to hold their combined student accommodation portfolios.

Vero Group Student Accommodation Venture

Student accommodation owners Goldman Sachs, Greystar and The Wellcome Trust have announced a new joint venture, Vero Group, to hold their combined student accommodation portfolios.

Vero Group consolidates Prodigy Living, owned by Goldman Sachs and US-based property management firm Greystar, and iQ the student accommodation portfolio owned by the UK’s largest charity, The Wellcome Trust.


Boasting more than 23,500 beds in 54 locations across 25 major university towns and cities in the UK, the venture is set to see both brands undergo a modernisation of their facilities, maintenance of their robust financial performance and expansion of the Vero Group portfolio.


Operating from a central office in London, both the iQ and Prodigy Living brands will remain operational as part of the venture.


The Vero Group will see Goldman Sachs gain a 68.4% share, The Wellcome Trust will own 28% and 3.6% will be allocated to Greystar.


The combination of the two portfolios will see the Vero Group become one of the largest suppliers of student accommodation beds in the UK.


The move follows the previous acquisitions made by Goldman Sachs and Greystar, beginning in 2013. Last year saw the two companies acquire their largest assets yet, purchasing the Knightsbridge Portfolio of more than 5,800 beds in 12 locations for £500m.


More than £6 billion was invested into the student accommodation market in 2015, more than doubling the previous record in 2014.

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