Global law firm Ashurst has advised long-standing client Barings, in a joint venture with Rosethorn Capital, on the £101m acquisition of Spring Mews – a purpose-built student accommodation (PBSA) in Vauxhall, London. Ashurst’s role has encompassed advising on the joint venture arrangements, debt and tax structuring.
The Ashurst multidisciplinary team was led by Real Estate Partner Tim Regis. He was supported by Senior Associate Aoife Devlin and Solicitor Apprentice Coinneach Pellow.
Partner Ruth Harris and Daisy Pelling led on the debt side. Tax Partner Tim Gummer and Counsel Sophie Lloyd advised on structuring and tax.
“We are proud to continue to support Barings in their joint venture and acquisition work and particularly in their expansion in the UK living sector; this marks the fourth joint venture arrangement we have supported them on in the last four years across different asset classes.
“The transaction underlines our team’s deep expertise in delivering complex, high-value real estate joint venture deals and our strength in providing integrated, commercial, and pragmatic advice.”
Tim Regis, Partner, Ashurst
Purchased from CLS Holdings, Spring Mews is a stabilised, 378-bedroom PBSA scheme consisting of 306 clusters and 72 studios, with strong amenity provision such as co-working space, a gym, pool, a cinema/games room and outdoor space exclusive to residents. The development – managed by Fresh – benefits from a high-quality design and fit-out, and features a BREEAM Very Good certification and an EPC A rating.
Spring Mews is located in an established PBSA micro-location and is a five-minute walk from Vauxhall Station located in London’s Zone One, which offers easy connectivity within 25 minutes to world-class universities including King’s College London, LSE, UCL and Imperial. There are 232,900 students within the catchment for Spring Mews, according to Bonard.
