Deutsche Bank is backing a management buyout of the world’s largest purpose-built “co-living” building in west London.
The management of The Collective Old Oak, a 546-bed residential development in north Acton with an emphasis on communal living, has bought the 75% of the development it did not already own in a deal valuing it at about £125m, The Collective said.
Management is being backed by financing from Deutsche and Catalina Re, enabling the Singaporean and UK-based private wealth backers who developed the building to exit their investment after four years.
