CCG & Beaumont Partners SA Acquire Second Montréal Student Housing Asset
January 22 2014 - 4:01PM
Business Wire
- Partnership Acquires Second Hotel with Plans
to Convert into an Urban Student Housing Tower –
Campus Crest Communities, Inc. (“Campus Crest”) (NYSE:CCG) and
Beaumont Partners SA (“Beaumont”) announced that its joint venture
partnership acquired the 488-room, 22-story Holiday Inn Midtown in
Montréal, Québec on January 15, 2014 with plans to convert it into
an upscale evo student housing tower near McGill University. The
partnership paid approximately CAD $65 million for the
property.
Campus Crest owns a 35% interest in the joint venture that holds
the newest evo and the previously announced evo à Square Victoria,
while Beaumont and its partners own a 65% interest. In conjunction
with Holiday Inn acquisition, the partnership closed a new loan to
help fund the conversion of both hotels into upscale student
housing towers. The financing was provided by Royal Bank of Canada
(lead), Bank of America and Raymond James. The partnership expects
both evo properties to be completed for the fall of 2014, with
leasing to begin in the first quarter of 2014.
“We are pleased to expand our relationship with Beaumont with
the acquisition of the Holiday Inn and to bring more of our unique
evo student housing brand to Montréal. With its proximity to McGill
University, we once again believe we have acquired an asset in an
irreplaceable location at a discount to replacement cost,” said Ted
W. Rollins, Chairman of the Board and Chief Executive Officer of
Campus Crest. “We will be able to leverage the platform we
put-in-place with our July 2013 acquisition of the Delta
Centre-Ville Hotel and remain enthusiastic about the market. Our
teams look forward to opening both Montréal assets for the 2014 –
2015 academic year.”
"We are pleased to increase our investment in Montréal and,
together with our partner Campus Crest, we are committed to
delivering the highest quality of student housing", said Alex
Vahabzadeh, principal of Beaumont Partners. "We anticipate that our
new properties will complement the numerous advantages and
positive qualities of Québec's universities for local and
international students."
Situated directly on Sherbrooke Street approximately 200 yards
from McGill University, the newest evo is conveniently located in
the heart of the urban university community surrounding the campus.
Once completed, the property will include a broad array of high-end
appointments and expects to attract undergraduate and graduate
students by offering an upscale housing alternative with modern,
attractively furnished rooms and a range of amenities. The property
will also offer residents an engaging lifestyle program with an
array of fun, diverse activities and events. Residents will be
served by a highly trained, professional staff that includes a
general manager, leasing manager, community assistants and a
courtesy officer for security purposes. As part of the joint
venture agreement, Campus Crest will serve as property manager.
About Campus Crest Communities, Inc.
Campus Crest Communities, Inc. is a leading developer, builder,
owner and manager of high-quality student housing properties
located close to college campuses in targeted markets. Pro forma
for the Copper Beech restructure, the Company has ownership
interests in 79 student housing properties and over ~43,000 beds
across North America, of which 70 are operating and 9 are
development or redevelopment properties. The Company is an equity
REIT that differentiates itself through its vertical integration
and consistent branding across the portfolio through three unique
brands targeting different segments of the college student
population. The Grove® brand offers more traditional apartment
floor plans and focuses on customer service, privacy, on-site
amenities and a proprietary residence life program. The Copper
Beech brand and townhome product offers more residential-type
living to students looking for a larger floor plan with a front
door and back porch. The evo brand provides urban students with a
luxury student housing option with all the conveniences of city
living. Additional information can be found on the Company's
website at http://www.campuscrest.com/.
About Beaumont Partners SA
Beaumont Partners is an international private equity and real
estate investment company based in Geneva and London. Its real
estate strategy is to acquire and build specialised investment and
operating platforms within several target sectors. The principals
have a long and successful track record in private equity
investments and specifically in partnering with specialised real
estate management teams to build niche platforms. The principals
have invested in over $4.0 billion of global real estate over the
past 20 years.
Investor Relations:Campus Crest
Communities, Inc.Thomas Nielsen,
704-496-2571Investor.Relations@CampusCrest.comorMedia:ICRJason Chudoba,
646-277-1249Jason.Chudoba@icrinc.comHayley Cook,
203-682-8254Hayley.Cook@icrinc.comorBeaumont Partners SAStella
Argyrousargyrou@beaumont-partners.ch
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