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Mace sells Assam Place to Greystar for £110m

Mace has completed the sale of its student accommodation development Assam Place to Greystar Real Estate Partners for £110m.

Mace acquired the site in 2010 and redeveloped and refurbished the buildings, which included 346 student residential rooms and 37,816 sq ft of university teaching accommodation across three buildings.

It was fully occupied in September 2012.

Mace investment chief operating officer David Grover said: “There was a lot of interest when we first put the development for sale on the open market and I’m delighted that we’ve found an ideal buyer with Greystar.”

He added that the project gave the company the opportunity “to develop, construct, let, and then sell the asset”, allowing them to reinvest the capital into future projects.

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 preservation and the sophisticated amenity and living spaces required by residents today.”

Mace now has direct investment in over 1,100 residential units, which are mostly in development and are already sold as well as further development sites around the UK.

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