SPH buys 14 UK student accommodation buildings for $321m
They have a total capacity of 3,426 beds.
Singapore Press Holdings (SPH) acquired a portfolio of student accommodation buildings in the United Kingdom for $321m (£180.5m) from developer and operator Unite Group PLC, an announcement revealed. The transaction was carried out through its subsidiaries Straits One (Jersey), Straits Two (Jersey) Limited and Straits Three (Jersey).
The 14 Purpose-Built Student Accommodation (PBSA) buildings are located across six towns and cities in established university towns including London, Birmingham, Bristol, Huddersfield, Plymouth, and Sheffield. With a total capacity of 3,436 beds for student accommodation, the properties include 10 freehold assets and 4 leasehold assets.
“The acquisitions will boost our real estate asset management portfolio, establish us as an overseas owner of PBSA in the U.K, and allow us to pursue other growth opportunities in this sector,” SPH CEO Ng Yat Chung said.
SPH noted that student accommodation in the UK stands at the national average of 2.8 students to each bed. With said data, they believe that it poses growth potential, with demand expected from both domestic and international students.