Feb 26, 2020 - Economy & Business

Blackstone to acquire U.K. student housing company iQ for $6 billion

Stephen Schwarzman, co-founder and CEO of Blackstone Group
Stephen Schwarzman, co-founder and CEO of Blackstone Group, on Nov. 5, 2019. Photo: Pedro Fiúza/NurPhoto via Getty Images

The Blackstone Group agreed to buy British student housing company iQ for $6.06 billion (£4.66 billion) from Goldman Sachs Merchant Banking and Wellcome Trust.

Why it matters: It's Britain's largest-ever private real estate acquisition, and is part of Blackstone's apparent goal to become much of the world's landlord.

The bottom line: "Property firms have turned to Britain’s budding build-to-rent sector, which caters to students and city dwellers seeking affordable accommodation, as traditional home building and selling falters," Reuters reports.

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