TSH expands Italian job with green lit Florence
Hybrid co-living and c0-working firm The Student Hotel (TSH) has received a key zoning permit for it’s landmark mixed used development in the Italian city of Florence …
Unite UK Student Accommodation Fund £250M Equity Raise and £111M Acquistion
The Unite Group plc, the UK’s leading manager and developer of student accommodation, announces the Unite UK Student Accommodation Fund (‘USAF’) has successfully raised £250 million of new equity from external investors. The proceeds represent 17% of USAF’s NAV as of March 2019.
Unite has agreed to sell three assets to USAF for a total consideration of £111 million (Unite share £83 million), representing a net initial yield of 5.5%. The assets are located in Portsmouth and Leeds and total 1,223 beds. On a pro forma basis Unite Group’s LTV falls to 25%.
Unite is not participating in this equity raise in order to retain funding capacity for its secured development and partnerships pipeline and future investment opportunities. Unite’s stake in USAF will reduce from 25% to 23% when the equity is fully drawn. These sales form part of planned disposals of £100-150 million (Unite share) during 2019 …
SPH Expands UK Student Housing Portfolio
Singapore Press Holdings Ltd. has expanded its student housing holdings in the U.K. with the acquisition of a portfolio spanning three cities with a total capacity of 1,243 beds for approximately $173.6 million. The transactions were made between SPH’s wholly-owned subsidiaries, Straits Five Pte. Ltd., Straits Six Pte. Ltd., and Straights Eight Pte. Ltd., and Habitus Holdings, Privilege Holdings, Privilege Southampton Holdings and AIGGRE Europe Real Estate Fund I GP.
SPH did not break out which assets were purchased from each firm, but the properties acquired are:
Hampton Square, located at 2 Mayfield Road in Southampton; the property has 526 beds and is 90 percent occupied;
Sharman Court, located on Broad Lane in Sheffield; the asset offers 397 beds and is 96 percent occupied;
Asa Briggs House, located at 6 St. John’s Road in Leeds; the property has 320 beds and is fully occupied …
Curlew sets up value-focused BTR fund with £1bn target
Fund manager will seed vehicle with £100m portfolio and partner with developers to create PRS schemes …
Syllabus and Invesco to invest €250m in student housing: Spain
Urbania International, through its subsidiary Syllabus, and Invesco Real Estate, have reached an agreement to jointly develop one of the largest investment platforms in student residences in Spain. Urbania’s goal is to strengthen its position in the country and continue opening up the market in the main university cities. The initial investment will be €250m. The agreement includes the immediate incorporation into the platform of four of the projects that Syllabus by Urbania already has underway in Spain, in the cities of Madrid (2), Valencia and Malaga. With these projects and six more, also in development, which will be incorporated in the upcoming months, the platform will initially have a portfolio of 2,000 rooms. Soon, it is planned to increase that figure to 3,500 rooms in university cities in Spain and Portugal …
Nuveen and Value One form €600m student housing JV: Europe
Nuveen Real Estate and Value One have formed a €600m joint venture to invest in purpose-built student accommodation across Europe …
Watkin Jones forward sells Wembley student scheme: London
Watkin Jones has completed the £90m forward sale of Kelaty House, a student development in Wembley, to the real estate investment business of DWS.
The Wembley scheme has planning consent for 599 student beds with associated amenity and management space. It also includes a retail offering and substantial landscaped external communal area …
Apache sells Shoreditch student block for £160m
Apache Capital Partners has sold a student block in Shoreditch, London, for more than £160m.
The buyers are a joint venture of Greystar Real Estate Partners, a subsidiary of the Public Sector Pension Investment Board and Allianz Real Estate, known as the Chapter JV …
Downing Group secures £215m club deal: UK
Liverpool-based property developer Downing Group has secured a £214.6m club deal with NatWest, HSBC UK and Barclays to fund the development of three student housing schemes in Coventry, Manchester and London.
The deal, which represents 65% of the total development costs, will go towards the construction of 2,201 beds across the three cities …
Select Property mulls sale of £500m student digs portfolio: UK
Company seeking an investment partner for its Vita business but could sell off all or some of its 15 assets …