Singapore-headquartered global real estate company Mapletree Investments has sold an 894-bed student housing asset in the southeast of the US.

The Cottages of Boone in North Carolina is held in Mapletree Global Student Accommodation Private Trust, a fund managed by Mapletree Real Estate Advisors.

Mapletree did not disclose the identity of the buyer or the price for confidentiality reasons. It was, however, reported in 2017 when it acquired the town-house style student accommodation from the developers for around $60m (€55.9m).

Matt Walker, chief executive officer of student housing, said: “This divestment is aligned with the trust’s overall objective of driving value and maximising returns to our investors through strategic dispositions.

“This transaction is an excellent outcome for investors and a testament to Mapletree’s ability to consistently deliver business plans and execute this transaction in a challenging environment.”

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