Liverpool’s Limelight prepped for sale

Blacklight Capital Partners, which took on the stalled PBSA scheme in 2022 and can now report 100% occupancy, has appointed Savills to find a buyer for the asset, Place North West understands.

Offers in excess of £61m are invited – a deal at that price would reflect a net initial yield of 5.75%.

Blacklight has made its mark in the city by taking on a trio of student living projects that had stalled.

Originally known as Natex, the Limelight development is off Norton Street and was topped out by original developer Mount Property Group in early 2021.

Blacklight took full control of the 10-16 storey development in August 2022. The 535-bedspace development was refinanced with Allied Irish Bank last summer.

Before that, Blacklight had worked with investors of Elliot Group’s Aura to take the 999-strong project through to completion.

Aura was subsequently sold to Tristan Capital Partners for £110m, and Place understands a similar level of blue-chip institutional deal is expected at Limelight.

Last year, Blacklight picked up its third Liverpool project, buying a half-built YPG development off Devon Street in December. Originally planned at 164 units, Blacklight applied for permission to add a further 38 rooms.

Limelight is operated by Homes for Students. A sale by next year would reflect the four-year exit strategy spoken of by Blacklight principal Matthew Hunt following the 2024 refinancing.

Both Blacklight and Savills declined to comment.

• This story was updated at 11.00am Tuesday 29 April, to add details on pricing