Howard Group extends Cambridge student accommodation portfolio with £6.5m acquisition
Property investor and developer Howard Group has acquired four central Cambridge properties from Cambridge Education Group, further extending its portfolio of student accommodation.
The CEG portfolio was acquired for a price in the region of £6.5m and includes Myers Hall in Thompsons Lane, Montague Lodge and Crossways in Elizabeth Way, and Carlyle Lodge in Chesterton Road.
The properties currently provide student accommodation and teaching space for CEG and Howard Group will continue to let the properties to CEG through a lease-back arrangement.
Nicholas Bewes, CEO at Howard Group, said: “This latest acquisition of four accommodation and educational properties in the city is an important element of our strategy of developing and investing in student accommodation around the region.
“We look forward to working with Cambridge Education Group as they continue expanding their business within the city.”
With academic centres in the UK, US, Canada, the Netherlands and Sweden, Cambridge Education Group delivers the highest quality academic, creative and English Language programmes and prepares thousands of students to progress onto the world’s leading universities.
Guy Ballantine, head of corporate development at Cambridge Education Group said: “These four properties are an important part of our education portfolio in Cambridge. We are delighted to be partnering with the Howard Group as our new landlord and hope that we will find additional opportunities to work together on the ongoing development of our portfolio”.
The Howard Group is one of the region’s leading privately owned property businesses and with their partners Osborne are currently on site at ‘Mount Pleasant Halls’, a development comprising 275 student units leased to St Edmund’s College.