Mapletree Investments has bought four purpose-built student accommodation (PBSA) assets in the UK from Vita Group for £163m (€190m).
The company said the portfolio had a total of 917 beds located in Exeter, Bristol, Leeds and Nottingham – all of which were within walking distance of Russell Group Universities.
Said Chua Tiow Chye, Mapletree’s deputy group CEO, said: “This acquisition will enhance the scale and reach of our PBSA presence in the UK.”
Chua said Mapletree was committed 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.
Mark Stott, Vita Group’s CEO, said that by agreeing to the sale of the assets, Vita had formed a strategic partnership with Mapletree.
Proceeds from the sale, he said, would provide Vita Group with the capital and the confidence to continue to develop its platform, which had a strong future pipeline of projects.
Vita will manage the student housing for Mapletree after the transaction and continue to trade under the Vita Student brand.
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