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2/26, 11:59 AM (Source: TeleTrader)
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Blackstone buys British dorm company iQ for $6B

Blackstone Group Inc. agreed on a deal to purchase British student housing company iQ from Goldman Sachs-owned fund Wellcome Trust in a deal worth £4.66 billion ($6.06 billion), the companies announced on Wednesday.

"British higher education is globally renowned and we are delighted to invest meaningful capital to support iQ’s further growth and continue to deliver the highest quality accommodation for students across the country," Blackstone's Head of Real Estate for Europe James Seppala said in a statement.

iQ was founded in 2006 while 10 years later it merged with Goldman Sachs' dorm business in the United Kingdom. The student accommodation company owns and manages around 28,000 beds in London, Manchester, Leeds, Sheffield, Edinburgh and Birmingham.

Breaking the News / GA