Lucy Cavendish College (LCC), Cambridge, and Macquarie Asset Management have acquired 355 studio bedrooms at Castle Street, Cambridge, from clients of Arlington Advisors for an undisclosed price.
The acquisition of the Castle Street property, which was previously occupied by the college on a three-year lease, brings the total number of rooms under its control to circa 600.
Tony McNiff, bursar at Lucy Cavendish College, said: “The acquisition of the Castle Street accommodation is a significant step forward for Lucy Cavendish College. It brings us closer to our goal of providing high-quality accommodation and pastoral care to all our students, many of whom come from underrepresented and disadvantaged backgrounds. This purchase supports our mission to be one of the most dynamic and inclusive colleges within the University of Cambridge.”
Hugo James, managing director at Macquarie Asset Management, added: “The Castle Street property provides vital accommodation infrastructure for Lucy Cavendish College and is a key component of its estate strategy in an undersupplied Cambridge student accommodation market. We are delighted to support LCC’s overall mission and purpose, and enable this acquisition via a bespoke, long-term financing solution.”
Colin Summers, partner in Bidwells’ capital markets team, which advised LCC on the deal, said: “The Castle Street acquisition highlights LCC’s strategic approach to meeting the evolving needs of its student body while reinforcing its position as a leading institution within the Cambridge University ecosystem.”
LCC was also advised by Barr Ellison. Arlington Advisors was represented by Beachrock and Macquarie Asset Management was represented by Addleshaw Goddard and Marle Place Property.
