Deutsche Bank provides escrow services on landmark real-estate transaction in the UK
Deutsche Bank’s Trust and Agency Services (TAS) has facilitated the sale of iQ, a UK-based student accommodation company, by Goldman Sachs Merchant Banking Division and the Wellcome Trust, to private equity group Blackstone. In a press release on the company’s website on 15 May 2020, iQ said the GBP4.66 bn transaction is the largest ever in the UK private real-estate sector
As escrow provider, Deutsche Bank successfully took all the payments and held them in escrow for closing over two days in May. Despite the challenges presented by Covid-19, the bank’s home-working teams facilitated a seamless transaction, running a series of test payments beforehand to ensure the successful completion of the transaction.
Jason Connery, Head of Trust and Agency Services EMEA, said: “We are proud to support this significant transaction in the UK private real estate sector and to help the buyer achieve a successful and timely completion.”