Singapore buyer swoops up £180m student property portfolio
A Singaporean media conglomerate agreed to buy a series of university accommodation assets in a deal worth £180m today, as the demand for the UK’s student property market shows no sign of slowing down.
Unite Students, which is looking to reshape its portfolio in a bid to focus on UK universities which have the highest student take-up, has sold 14 properties to Singapore Press Holdings (SPH).
Comprising more than 3,000 beds, SPH’s new UK portfolio is spread out across the country, with properties in Plymouth, Birmingham, Bristol and London.
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Richard Smith, chief executive of Unite Students, said: "This sale is an important part of our ongoing strategy of creating a high-quality portfolio aligned to the universities with the highest student demand and the best long-term growth prospects."
The news comes a week after property developer GCP Student Living revealed a 23 per cent rise in its portfolio value over the last 12 months amid growing international demand for London’s top universities.
GCP’s finance chief Nick Barker told City PM: "The student market has changed. People used to talk about student property as an alternative asset class but now it’s a mainstream market with sophisticated deep pocketed investors who see value in student accommodation in London."