Qip And Gamuda Land Form Gbp100 Mil Uk Student Housing Joint Venture Qip And Gamuda Land Form Gbp100
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Singapore-based private equity firm Q Investment Partners (QIP) has teamed up with Malaysia-listed engineering, infrastructure, and property developer Gamuda Land to develop student housing in the UK. The joint venture, announced in a press release on July 8, involves a commitment of GBP100 million ($173 million) and will see QIP and UK-based co-developer Hurlington collaborating to build a purpose-built student accommodation (PBSA) in Woolwich, London. The development, located at 81 to 88 Beresford, will feature a total of 299 beds, consisting of 150 studios and 149 cluster rooms. This project is part of a larger regeneration effort of the former Royal Arsenal in London and marks QIP’s largest single asset transaction to date. It also marks the firm’s first strategic partnership with Gamuda and its 11th student housing asset in the UK, as well as its first in London.
The development is ideally situated within walking distance to various transport links and is approximately 40 minutes away from eight major universities, including the University of Greenwich, UCL, the London School of Economics, and King’s College London. With demolition works already completed, construction is expected to begin in the third quarter of 2024 and is scheduled for completion by the 2026/2027 academic year.
Peter Young, CEO and co-founder of QIP, expresses his excitement for the firm’s first venture in London and its partnership with Gamuda. He also shares QIP’s commitment to delivering over 2,000 beds across prime university cities, with the aim to expand its reach in the UK with Gamuda. “The successful closing of this transaction underscores our dedication to investing in high-quality student housing and further solidifies our presence in the UK market,” adds Young.