Harrison Real Estate Capital’s joint venture with Crosslane Property Group UK


DLA Piper has advised Harrison Real Estate Capital LLC on the deal

Crosslane has agreed to enter into a joint venture with Harrison Street Real Estate Capital LLC (“Harrison Street”) to develop four new purpose-built student housing developments in Leeds, Coventry, Portsmouth and Swansea with a combined 1,294 beds and a total gross development value of £125 million. Investec Structured Property Finance is providing £59 million debt financing for three of the development assets (Coventry, Portsmouth and Swansea).

The Leeds development is already under construction and will be complete by September 2018 for the start of the 2018/19 academic year, with the remaining three schemes to be delivered for the 2019/20 academic year. Prime Student Living, the student accommodation lettings and operational management arm of Crosslane, will aim to ensure the developments are fully let prior to completion and will continue to manage the operational buildings thereafter.

DLA Piper advised with a team incuding Real Estate Finance partner Laurence Rogers (Picture), Corporate real estate legal director Mark Satterly, Corporate partner Robert Salter and legal director Sam Jaffray, all London, Real Estate partner Stephen Blacksell and Construction Partner Ian Doig, Sheffield, Tax partner Mark Burgess, Birmingham, IPT partner Roger Gough in Sheffield and US Tax partner Jesse Criz in Chicago.

Involved fees earner: Laurence Rogers – DLA Piper; Stephen Blacksell – DLA Piper; Jesse Criz – DLA Piper; Robert Salter – DLA Piper; Ian Doig – DLA Piper; Mark Burgess – DLA Piper; Roger Gough – DLA Piper;

Law Firms: DLA Piper;

Clients: Harrison Street Real Estate Capital;