Private equity firm Henderson Park is set to buy The Collective Old Oak Common in northwest London, according to Green Street News.
The 551-bedroom scheme which also comprises lounge areas, kitchens, a restaurant, a bar and a spa will be sold for around £60 million, down significantly from the £75 million the building was put on the market for last year and less than half of the £125 million at which the property was valued in 2018.
First opened in 2016, The Collective Old Oak Common was the first large-scale, purpose-built co-living scheme in the UK and the largest scheme in Europe at the time. However, The Collective went into administration in autumn 2021 due to Covid-related hardships.
Deutsche Bank and a fund managed by Gravis Capital were the main secured lenders to The Collective. Vehicles managed by Gravis are leading the current sale process.