Blackstone pondering ?4bn offer for IQSA
By Duncan Ferris
Date: Thursday 05 Dec 2019
(Sharecast News) - Property investment giant Blackstone is contemplating a £4.0bn takeover for IQ Student Accommodation (IQSA), according to a Sky News report on Thursday.
Citing city sources, the report said the real estate giant is one of several private equity firms and sovereign wealth funds plotting approaches to IQSA.
With the the UK student housing provider's owners understood to be considering a sale or stock market listing in 2020, the report said Blackstone will need to submit an offer before a pre-Christmas deadline.
Meanwhile, city sources claimed that the owners of IQSA have appointed four banks to aid its progress towards a potential initial public offering (IPO) in London, with Citi and HSBC appointed as bookrunners, and Panmure Gordon and Peel Hunt in place in co-lead manager roles.
IQSA, which is roughly 70% owned by Goldman Sachs, had a portfolio value of £3.5bn in September 2018 and operated accommodation at 67 sites across 27 towns and cities throughout the UK, providing rooms for more than 28,000 students.
Blackstone shares were up by 1.22% at $53.75 at 1602 GMT.
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