UK banking group Barclays has sold its 40 per cent stake in UPP Group Holdings, a UK student housing group to Chinese state-owned fund Gingko Tree Investment.
In September 2012, BIGM sold a 60 percent stake in UPP Group to Dutch pension fund PGGM, valuing it at close to £1.4bn. Around the same time of September Gingko Tree was said to be closing in on a £550m deal.
Sector specific fund management group Barclays Infrastructure Funds Management (BIFM) also sold its stake to Gingko Tree.The sale of the stake marks the end of Barclays’ involvement with University Partnerships Programme.
UPP specialises in funding, developing and operating student accommodation and campus infrastructure schemes as well as delivering asset management services. It currently has a portfolio of 28,000 rooms in operation or development and a built out rent roll of £133m. The Company has current partnerships with 13 Universities in the UK.
UPP plans to invest £1bn over the next two years having already invested £1.4bn in the Higher Education sector.
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