TLT advises student property business on sale to MCR Property Group

UK national law firm TLT has advised the shareholders of Njoy Student Living - a privately owned student property business - on the sale of the Njoy group to MCR Property Group - a vertically integrated UK real estate investment and development business.  

The transaction comprises the Njoy operating business and its underlying real estate, adding established operations comprising around 800 beds and apartments in two of the UK’s leading university cities, Manchester and Leeds.   

The acquisition supports MCR Property Group's ambitions to expand the platform beyond 10,000 beds in the near term while also adding NJOY's local operating capability, market knowledge and an established resident proposition.  

TLT advised the shareholders throughout the transaction, providing corporate, real estate and tax support to deliver the successful completion of the deal.  

The multidisciplinary TLT team was led by Partners Elizabeth Delaney and Patrick Sheehan, with further support provided by Legal Directors Chris Liddall and William Ngan, Associates Harry Jenkins and Jessica Bulleid, as well as Aleksandra Arciechowska, Senior Associate and Paul Brock, Managing Associate.  

Elizabeth Delaney commented: "This deal reflects continued investor confidence in the purpose-built student accommodation sector and in high-quality assets located in leading university cities.  

"Working closely with the shareholders and their advisers, our multidisciplinary team delivered a seamless transaction, and we wish both the shareholders and MCR Property Group every success as the business enters its next phase of growth."  

Jason Worrall of NJOY added: "TLT's team brought exactly the combination of expertise we needed. Their deep sector knowledge, coupled with strength across corporate, real estate and tax disciplines, gave us complete confidence throughout the transaction. They were commercially focused, responsive and a pleasure to work with from start to finish."