Student Roost splashes £175m on trio of schemes
Brookfield-owned Student Roost has forward-funded three new student accommodation schemes in a series of deals with developer McLaren Property worth a combined £175m …
Blackrock-linked Entity Sells UK Student Digs To Far East Orchard For £66.5m
A subsidiary of the Far East Organization has reached an agreement to purchase assets from a BlackRock-linked entity. The deal includes a pair of student dorms in the UK that will be sold to the Singapore-listed property developer, Far East Orchard for £66.5 million ($85 million).
The new acquisition in Leeds and Sheffield brings Far East Orchard’s UK student housing portfolio to 3,260 beds across 11 dorms in six cities as indicated in company filing …
SPH buys 284-bed student accommodation in Germany for 15.6m euros
SINGAPORE Press Holdings (SPH) is diversifying its purpose-built student accommodation portfolio beyond the UK, with a 15.6 million euro (S$23.4 million) acquisition in Bremen, Germany.
SPH’s wholly-owned subsidiary Straits Nine has entered into an asset purchase agreement with Liberty Living (Galileo Residenz) for the proposed acquisition, SPH, which publishes The Business Times, said early on Thursday morning.
This is the company’s fifth investment since last year …
The Student Hotel secures 82M euros in green financing for Toulouse and Paris
The Student Hotel (TSH) has secured 82M euros for it’s two hotel projects in Paris and Toulouse …
Far East Orchard buys two student accommodation properties in Leeds and Sheffield for £66.5m
FAR East Orchard Limited has acquired two freehold student accommodation properties in Leeds and Sheffield, United Kingdom, with a total of 974 beds for £66.5 million (about S$115.7 million).
Together with the 622 beds in Bristol and Liverpool acquired in March this year, Far East Orchard now has a portfolio of 3,260 purpose-built student accommodation (PBSA) beds across 11 properties in the UK – surpassing the group’s target to grow its PBSA portfolio to 3,000 beds by 2023.
The newly acquired properties are The Foundry in Leeds with 239 beds and The Elements in Sheffield with 735 beds. Both properties have been operating at full occupancy since opening in 2017 and 2018 respectively, benefiting from their proximity to university campuses and the city centre …
CMA Approval for Liberty Living Acquisition by UNITE
The Unite Group plc, one of the UK’s leading owners, managers and developers of student accommodation, is pleased to announce that the UK Competition and Markets Authority (the ‘CMA’) has unconditionally approved the Company’s acquisition of Liberty Living Group plc (‘Liberty Living’) for total consideration of £1.4 billion from Liberty Living Holdings Inc. (‘CPPIB Holdco’), a wholly owned subsidiary of Canada Pension Plan Investment Board (the ‘Acquisition’).
Following the CMA’s approval, completion of the Acquisition is expected to occur at the end of November 2019, subject to satisfaction of the remaining conditions. Subject to completion, approximately 72.6 million consideration shares (the ‘Consideration Shares’) will be issued to CPPIB Holdco by Unite in connection with the Acquisition representing 20% of Unite’s enlarged share capital (the ‘Enlarged Group’). Applications will be made to the Financial Conduct Authority and to the London Stock Exchange for admission of the Consideration Shares. It is expected that admission of the Consideration Shares will become effective at 8.00 a.m. on the business day following completion.
The Company will publish a prospectus in relation to the admission of the Consideration Shares (the ‘Prospectus’), which will be filed with the FCA and made available to the public in accordance with the Prospectus Regulation Rules. The Company expects to publish the Prospectus in due course …
AXA IM – Real Assets acquires Groupe Kley (FR)
AXA IM – Real Assets has signed an agreement to acquire Groupe Kley, a fully integrated student housing and co-living operator, and its portfolio of student residences across France. The vendor is funds managed by Oaktree Capital Management. AXA IM – Real Assets will become the long-term partner of Kley and will support its management team in its strategy to further expand the company. The purchase price was not disclosed.
Kley was established in 2014 and is one of the leading operators of purpose-built student housing and co-living properties in France. Its portfolio comprises c. 2,500 beds across seven operational residences, plus a secured pipeline of c. 3,300 beds across 14 residences, many of which are currently under construction. All assets are located in either regional university cities (Angers, Toulouse, Rennes, Marseille and Caen) or Paris, Île-de-France, in close proximity to student campuses or city centres where demand is greatest. In addition to the current and secured future portfolio, this acquisition also presents AXA IM – Real Assets with access to Kley’s ongoing pipeline of student housing and co-living opportunities …
Empiric Student Property PLC Trading Update
The board of Empiric Student Property plc, the owner and operator of premium student accommodation across the UK, is pleased to provide the following update on trading.
Student revenue is expected to be approximately 10% up in full year 2019 compared to full year 2018, driven by an increase in the number of beds, increased occupancy and an increase in revenue generated per bed. The Company is continuing to reduce average cost per bed and expects a reduction of approximately 8% for full year 2019.
Bookings for the 2019/20 academic year are currently at 93%, in line with the corresponding point in the previous academic year. The Company anticipates similar opportunities to sell semester lets as achieved during the 2018/19 academic year, which successfully increased bookings to achieve 97% occupancy. The Company anticipates c. 3% growth in average rents for the 2019/20 academic year …
GSA & Harrison Street to buy London student housing property
Harrison Street & GSA have acquired The Curve, a nine-storey, 350-bed purpose-built student accommodation scheme in Whitechapel, London. The joint venture have a refurbishment plan to for all rooms and common areas …
Buyer conquers £450m Student Castle – UK
Singapore Press Holdings is in exclusive talks to buy Student Castle’s £450m UK portfolio. The Singaporean media firm has been amassing a UK student portfolio ahead of a possible listing of the assets as a way of further expanding their footprint. If the deal completes, SPH would have in the region of £800m of UK student assets under its control …