Scape secures seal of approval for Guildford co-living scheme
Scape Student Living has won planning permission for a 110-unit co-living development in Surrey …
Unite posts half year profit fall but hikes dividend
Student accommodation giant Unite posted a 12% fall in first-half profit owing to lower property valuation gains, though its underlying earnings rose and it boosted its dividend.
Pre-tax profit for the six months to the end of June fell to £125.5m, down from £142.5m on-year …
Fusion Student plans overseas expansion ahead of Brexit
Student accommodation provider Fusion Students is preparing to expand overseas to combat a possible drop in student volume following Brexit …
TPG Real Estate Partners and Round Hill Capital acquire a portfolio of 13 student accommodation assets in Germany
TPG Real Estate Partners (“TREP”) the dedicated real estate equity investment platform of global alternative asset firm TPG, and Round Hill Capital, a leading real estate investment, development and asset management firm, announced today that they have acquired, through a newly-formed strategic venture (“The Venture”), a portfolio of 13 student accommodation assets in Germany. The assets, which were formerly owned by student housing platform Deutsche Real Estate Funds, were acquired through a mutual agreement with all stakeholders. Financial terms of the transaction were not disclosed.
The assets acquired by the Venture consist of c.2,100 units across nine cities in Germany (Berlin (3), Bochum, Bremen, Essen, Halle, Kiel (2), Ludwigsburg, Siegen and Stuttgart (3)). The assets are generally situated within easy commuting distance to some of Germany’s major universities and key amenities across each city. The Venture will leverage TREP and Round Hill Capital’s experience managing and investing in European real estate portfolios to enhance the properties through refurbishments and operational improvements. TREP and Round Hill Capital will continue to target opportunities in line with the Venture’s strategy to acquire and reposition existing assets as well as develop new purpose-built properties across select university cities and towns in Germany where there is a strong and increasing demand for high-quality, well-managed student housing but persisting supply constraints …
AXA swoops on Copenhagen PRS schemes for 174M euros: Denmark
Investment giant AXA Investment Managers – Real Assets (AXA IMRA) has acquired a 396 unite residential portfolio in Copenhagen, Denmark
Ex-Addison Lee HQ snapped up for student accommodation scheme: London
Taxi company Addison Lee’s former headquarters in Euston has been acquired by MBU Capital, which has plans to develop a mixed-use scheme including student accommodation …
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 …
L&G launches £2bn business combining retirement living with children’s nurseries
Legal & General is expanding its retirement living business with the launch of Guild Living, a new brand focused on city centres that will build children’s nurseries with later living alongside.
Under the plans, L&G will build 3,000 new homes over the next five years with a gross development value of around £2bn …
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 …