The Mansion Student Accommodation Fund launches
The Mansion Student Accommodation Fund has launched and is searching for new assets following its listing on the Channel Island Stock Exchange last month.
Its first property purchase was the St. Andrews Gardens in Liverpool which completed on 24 December 2009. The purchase was supported by equity raised through IFAs and debt funding from Barclays.
The recently acquired St. Andrews Gardens property represents a net initial yield of 7%. In line with the investment objectives of the fund the property has been secured at a discount to market value. The property is a purpose built student hall of residence with 421 beds across 96 flats. The fund has secured a five-year rental undertaking and refurbishment commitment from The Mansion Group …