{"id":89565,"date":"2021-02-25T11:10:54","date_gmt":"2021-02-25T11:10:54","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=89565"},"modified":"2021-02-25T11:10:54","modified_gmt":"2021-02-25T11:10:54","slug":"mace-develop-sale","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/mace-develop-sale\/89565\/","title":{"rendered":"Mace Develop finalises \u00a3157.5m student accommodation sale"},"content":{"rendered":"

Mace<\/a> Develop has completed the sale of its student accommodation portfolio to Ares Generation, assets sold include the Depot in Exeter and West Wing in Cardiff<\/h2>\n

Ares Generation is a joint venture between a fund managed by the Real Estate Group<\/a> of Ares Management Corporation<\/a> (\u201cAres\u201d) and Generation Partners LLP<\/a> (\u201cGeneration\u201d).<\/p>\n

The assets sold a total of 1,359 student beds provided in a wide range of formats from 12-bed cluster rooms through to duplex studios and 1-bed flats.<\/p>\n

The buildings were completed in phases over the past 18 months with the final phase at Exeter being delivered by Mace\u2019s construction division through a construction management<\/a> arrangement supported by Mace\u2019s local Exeter consultancy team.<\/p>\n

Securing a great value transaction<\/h3>\n

Richard Bienfait, chief financial officer of Mace, said: \u201cWe are very proud to have developed two high-quality student accommodation facilities in the heart of the Russell Group university cities of Cardiff and Exeter.<\/p>\n

\u201cWe are delighted to have secured a great value transaction with Ares and Generation. This transaction allows Mace Develop to focus on other new and exciting opportunities one of which is the regeneration of Stevenage Town Centre<\/a>.\u201d<\/p>\n

Wilson Lamont, partner and co-head of European Real Estate Equity at Ares and Alan Artus, co-founder of Generation Partners LLP, said: \u201cWe are delighted to have concluded this transaction with Mace to acquire two high-quality buildings in the first transaction undertaken by the Ares Generation joint venture.\u201d<\/p>\n

Craig McPhail of Montagu Evans<\/a> advised Mace Develop in the transaction.<\/p>\n

Recent achievements<\/h3>\n

Mace recently announced achieving net-zero carbon in 2020, Mace will use this boost to its balance sheet to continue to invest in and deliver sustainable, carbon-neutral projects.<\/p>\n

Mace has recently completed construction on the final phase of Greenwich Square, a mixed-use scheme in London, offering 686 new residential homes, together with new community, retail and leisure facilities.<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Mace Develop has completed the sale of its student accommodation portfolio to Ares Generation, assets sold include the Depot in Exeter and West Wing in Cardiff.<\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[676,664,997,283,572,656,21873],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-89565","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-construction","8":"tag-construction-services","9":"tag-development","10":"tag-finance","11":"tag-housebuilding","12":"tag-housing","13":"tag-mace"},"acf":[],"yoast_head":"\nMace Develop finalises \u00a3157.5m student 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