Student housing provider IQ Student Accommodation appoints advisers for float or sale
The owners of UK student housing provider IQ Student Accommodation (IQSA) have reportedly hired banks to advise on a float or a sale.
IQSA has appointed Goldman Sachs, Morgan Stanley and real estate adviser Eastdil Secured to oversee the sale or listing of is £3.5bn student housing portfolio, Sky News reported.
Read more: Greene King shares surge 50 per cent on news of purchase by Hong Kong’s richest man
Goldman also holds a majority stake in IQSA.
The banks are reportedly examining a range of options including a float.
A sale to private investors would also be examined by IQSA’s owners Goldman and medical charity Wellcome Trust.
IQSA is chaired by Penny Hughes who also chairs listed companies Aston Martin and The Gym Group.
Read more: London retains crown as best European city for real estate investment
If IQSA did go public, she would be likely to relinquish one of her chair positions as corporate governance guidelines say individuals should hold no more than two chairmanships at listed companies.
IQSA is one of the largest providers of purpose-built student accommodation in the UK, with a portfolio value of £3.5bn at September 2018.
It is not clear what the value of any float or sale would be as the company has not disclosed how much debt it is carrying.