Qip And Gamuda Land Form Gbp100 Mil Uk Student Housing Joint Venture Qip And Gamuda Land Form Gbp100
Q Investment Partners, a private equity firm based in Singapore, has recently announced a new partnership with Malaysian company Gamuda Land. The two companies have joined forces to develop student housing in the UK.
According to a press release issued on July 8th, the joint venture is worth GBP100 million ($173 million) and will involve QIP and UK-based co-developer Hurlington building a 299-bed purpose-built student accommodation (PBSA) at 81 to 88 Beresford in Woolwich, London. This development will have a mix of 150 studios and 149 cluster rooms. It will be the first PBSA project in the multi-billion-pound regeneration of the former Royal Arsenal in London and is QIP’s 11th student housing asset in the UK, as well as its first in London.
The project is QIP’s largest single asset transaction and marks the firm’s first strategic partnership with Gamuda. It is set to be the company’s 11th student housing asset in the UK and its first in London.
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The new development is conveniently located near various transportation links and is only a 40-minute commute to eight major universities, including the University of Greenwich, UCL, the London School of Economics, and King’s College London.
Demolition works have already been completed on the project and construction is set to begin in the third quarter of 2024. It is expected to be completed by the 2026/2027 academic year.
QIP co-founder and CEO Peter Young expressed his excitement about the partnership and their plans for the future. “We are committed to delivering over 2,000 beds across prime university cities,” he said. He also mentioned their interest in exploring more PBSA opportunities in the UK with Gamuda.
In conclusion, the joint venture between QIP and Gamuda Land marks a significant step towards further developments in the student housing market in the UK. The project is expected to bring high-quality accommodation to students in a prime location, and QIP is looking forward to further expansion in the future.