Member Article

Russian billionaire acquires Southwark ballet school accommodation for £61 million

Russian billionaire Mikhail Fridman has bought a Southwark student accommodation block for £61 million.

Investment vehicle LetterOne Treasury Services, which is backed by Friedman, has made its debut in the UK student property market with the purchase of Paris Gardens from McLaren Property.

The 253-bed property is also home to the Central School of Ballet.

At the same time LetterOne has agreed to pay £83 million to forward purchase four regional developments including in Bath and Brighton, in a deal advised by property agent Tudor Toone.

LetterOne is also close to completing a £535 million acquisition of Carlyle’s Pure Student Living business which includes five luxury London student blocks.

According to The Independent, the Russian oligarch and his LetterOne fund were also in the news today for progressing with a controversial deal to buy 12 North Sea oil and gas fields from German energy company RWE.

This was posted in Bdaily's Members' News section by Ellen Forster .