Pimco, Greystar and PSP Investments have appointed agents to explore strategic options for their £3bn London student accommodation platform Chapter.
Eastdil has been instructed to consider next steps for the portfolio. Sources said it is in early stages of the process and considering “all options”.
Among those options, it is thought that Pimco, formerly known as Allianz Real Estate, is looking to sell its 40% stake in the platform.
Pimco joined the joint venture with an initial £350m equity investment. The partners had planned to double the size of the portfolio to 10,000 beds within five years.
The Chapter portfolio has around 7,000 beds across 14 properties in central London, including King’s Cross, Islington, two in Highbury, Spitalfields, Aldgate, Old Street, South Bank, Lewisham, White City and Portobello.
Pimco assumed oversight of Allianz Real Estate in October 2020, with the business rebranding as Pimco Prime Real Estate last year.
All parties declined to comment.
Image from Chapter
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