Mapletree Investments has purchased four purpose-built student accommodation (PBSA) assets in the UK. According to a press announcement on August 30, the assets were acquired for a total consideration exceeding GBP165 million ($300 million).
Totalling 917 beds, the acquired portfolio comprises PBSA assets in Exeter, Bristol, Leeds and Nottingham. They are located within walking distance to Russell Group Universities as well as in close proximity to amenities such as town centres and train stations.
“This acquisition of four high-quality assets will enhance the scale and reach of our PBSA presence in the UK. This also underscores our commitment to grow the student accommodation sector as a stable and resilient asset class, with growth anchored by strong underlying and positive demographic and student enrolment trends. In the aftermath of challenges faced by the sector last year during the Covid-19 pandemic, the PBSA markets in the UK and the United States are experiencing robust recovery with schools re-opening for face-to-face lessons in the next academic year,” says Chua Tiow Chye, Mapletree’s deputy group CEO.