Four parties are in the running to buy LetterOne’s £850m Regent student accommodation portfolio, Property Week understands.

Urbanest, IQ, Greystar and a joint venture between Europa Capital and Generation Estates are all believed to have submitted second-round bids for the 11-building portfolio, although a source close to the deal said Greystar was considering dropping out of the process.

The portfolio, which is being marketed by JLL, has assets in London, Bath, Brighton and Edinburgh totalling around 3,700 beds.

Bids submitted during the first round of the sale were believed to be between £820m and £850m. A preferred party is likely to be selected imminently.

Through their investment vehicle Europa Generation, set up in June, Europa Capital and Generation Estates plan to build a portfolio of around 5,000 beds across the UK over the next few years. This June, the JV acquired a seed portfolio of 1,705 beds under development by Watkin Jones for £165m.

Urbanest operates five central London schemes and IQ has 55 student buildings across England,  Wales and Scotland.

All parties declined to comment.

Enigma

Another student portfolio, the Enigma portfolio, is believed to be under offer to Brookfield.

The portfolio, which is being marketed by Savills on behalf of Curlew for £600m, consists of 15 assets, comprising 5,407 beds across 12 cities.