Russell-Cooke advises Tokoro Capital in partnership with Homie on the acquisition of Leazes Parade
Russell-Cooke has advised Tokoro Capital LLP in partnership with Homie on the acquisition of Leazes Parade, a student village in Newcastle upon Tyne. The site was purchased from L1 Property and completed on 31 May 2024.
Tokoro Capital, an independent real estate investment management company operating in the UK and Europe, has expanded its focus beyond industrial premises and offices into student accommodation. Tokoro has established Homie, a student housing management company committed to offering affordable, safe, and sustainable living environments.
Located near Newcastle city centre and within walking distance from both Newcastle University and Northumbria University campuses, Leazes Parade comprises 222 student bedrooms across 49 flats.
The Russell-Cooke team that acted on the deal was led by partner Neil Dryer, who with the support of associate Rohan Bhasin, oversaw the real estate aspects of the transaction. In addition, partner Alex Ground provided planning advice while partner Stephen Small provided input on landlord, tenant and regulatory matters relating to the current student occupiers and those due to take residence in September.
This acquisition was strategically significant for our client, not only as a high-value and large-scale site in the north east, but as our client’s first student accommodation acquisition as they broaden their portfolio beyond industrial and office sites. We were thrilled to act for Tokoro Capital in its partnership with Homie and delighted to have successfully completed the transaction within an impressive timeframe of just six weeks from receipt of papers. This has reinforced our expertise in student accommodation sites as well as handling acquisitions on a national basis.
This was a challenging acquisition with a tight timeframe. The team at Russell-Cooke were knowledgeable and responsive, working hard to ensure that the deal was completed seamlessly. As our first student accommodation acquisition, Leazes Parade represents an exciting entry to the sector and a perfect opportunity to debut the Homie brand in Newcastle.
The Russell-Cooke real estate planning and construction team advises on all aspects of commercial property, including acting on site acquisitions, advising on planning issues, construction and development matters as well as investment, lettings and ultimately disposals.
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