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10 May, 2015

Gatehouse acquires UK student accommodation property

Gatehouse acquires UK student accommodation property

Gatehouse Bank, London-based investment bank specializing in Shariah-compliant products acquired Fountainbridge student accommodation property in Edinburgh.

10 May 2015
Gatehouse Bank plc ("Gatehouse"), the London-based investment bank specialising in Shariah-compliant products and services, is pleased to announce the acquisition of Fountainbridge, a student accommodation property located in Edinburgh, United Kingdom, from Rockspring Property Investment Managers LLP ("Rockspring") UK Value fund for £20.0 million.  The property is a modern, purpose built student accommodation asset with a total of 331 bedrooms, centrally located to the University of Edinburgh, Herriot-Watt, Napier and Queen Margaret universities.

The investment marks the continued development of Gatehouse's activity in the UK student accommodation sector following the firm's successful realisation of four investments comprising over 1,600 beds with a combined value in excess of £100 million, completed last year. Building on the success in this sector, Gatehouse has identified a market shift towards direct-let assets, and the Fountainbridge asset includes a subset of direct-let rooms. The firm is currently considering other investments in the UK student accommodation sector.

David Swan, Head of Real Estate Investment at Gatehouse said, "We are excited about the prospects for the Fountainbridge investment, and we look forward to expanding our portfolio within the student accommodation space. Having successfully invested in this sector previously, Gatehouse has a wealth of experience, which provides us with the ability to transact with sellers in a timely and efficient manner."

Henry Thompson, CEO of Gatehouse added "Student accommodation is a sector which is well understood and in high-demand among our investor-base. Today our clients are looking for stable, yielding assets, and Fountainbridge is the first of several income-generating investments which we plan to introduce throughout the remainder of the year."

Richard Bains, Rockspring Partner and Fund Manager of the UK Value series, said, "We are delighted to have concluded the sale of Fountainbridge to Gatehouse Bank, who will no doubt build on the successful asset management initiatives deployed during Rockspring's ownership, including a full refurbishment of the asset. This sale represents a further example of how we have been able to create value for our UK Value 1 investors."

Marle Place Property Limited acted on behalf of Gatehouse, and Knight Frank LLP acted on behalf of Rockspring.

About Gatehouse Bank plc
Gatehouse Bank plc is an investment bank based in the City of London, authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority. Founded in 2008, Gatehouse invests in accordance with Shariah principles and has divisions in Real Estate Investment, Real Estate Finance, Treasury, and Wealth Management services. Seeking to preserve and grow wealth for its clients, Gatehouse combines international financial market expertise with excellence in Shariah principles. Gatehouse advises funds with approximately $1.5 billion of assets in the United States and United Kingdom. For more information please visit www.gatehousebank.com.

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About Rockspring Property Investment Managers LLP
Rockspring Property Investment Managers LLP is a professional investment fiduciary specialising in the acquisition and management of commercial property throughout the UK and continental Europe on behalf of major institutional clients - either directly for single-client accounts or through the Group's series of tax-efficient, co-mingled investment funds. Rockspring is authorised and regulated by the FCA.

Fully independent and 100% owned by its Senior Executives and employees, Rockspring is headquartered in London and has a network of offices in Amsterdam, Berlin, Brussels, Budapest, Madrid, Paris as well as Client Services offices in Seoul, Sydney, and Washington, D.C.. Its Executive Committee includes Robert Gilchrist (Chief Executive), Edmund Craston (Managing Director) and Ian Baker (Partner - Finance).

2015 marks over 30 years of Rockspring's establishment by founder and Non-Executive Chairman, Richard Plummer.

As at December 2014 Rockspring had gross assets of €7.9 billion in funds under management and undrawn commitments. It represents a diverse client base including Rockspring Hanover Property Unit Trust, Rockspring PanEuropean Property Limited Partnership, Rockspring TransEuropean III, IV, & V, and soon VI, The Rockspring German Retail Box Fund, The Rockspring Portuguese Property Partnership, Rockspring UK Value Funds 1 & 2, and single client mandates. Rockspring's property assets are currently located in the UK and 14 other European countries.

For further information, please visit www.rockspringpim.com

Media enquiries:  
Gatehouse Bank plc
Kit Dunford, Director
T: 020 3727 1143
E: gatehouse@fticonsulting.com

Rockspring Property Investment Managers LLP
Dido Laurimore/ Claire Turvey/ Clare Glynn
T: 020 3727 1000
E: Rockspring@fticonsulting.com

© Press Release 2015