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Freshfields advises CPP Investments on record €1bn European student accommodation joint venture with Round Hill Capital

Freshfields Bruckhaus Deringer (Freshfields), alongside Torys LLP, has advised Canada Pension Plan Investment Board (CPP Investments), on the establishment of a joint venture with Round Hill Capital, which will seek to acquire a European student accommodation portfolio of up to €1 billion initially, with scope to increase further over time.

The partnership between CPP Investments, a global investment management organisation responsible for investing assets of more than 20 million pension contributors and beneficiaries in Canada, and Round Hill Capital, a global real estate investor, represents one of the largest European student accommodation joint ventures to date. It will invest in standing assets and developments across purpose-built student accommodation markets in the Netherlands, Italy, Portugal and Spain, with capacity to expand to other major education markets across the continent.

The team advising CPP Investments was led by partner Victoria Hills and counsel Keith Chapman, with support from associate Costa Thrasyvoulou and trainee Katie Hall (all Global Transactions - Real Estate), as well as partner May Smith, senior associate Rose Swaffield (both Tax), partner Andrew Murphy, associate Christopher Casson (People and Reward), partner Paul van den Berg and associate Max Immerzeel (Antitrust).

Freshfields is also advising CPP Investments in connection with the joint venture’s early acquisitions. By year-end, the JV is expected to have about 2,000 beds secured in Spain and the Netherlands. Partner Fernando Soto, counsel Ana-Julia Garcia and associate Alfonso Valles are advising in Spain, while partner Harald Spruit and associate Vivianne van der Hauw are advising on the first Dutch acquisition.