A joint venture of McLaren Property and PMG Group has sold a direct-let 355-bedroom student accommodation development in Cardiff, UK, to Aberdeen Standard Pan European Residential Property Fund (Asper) for £36 mln (€42 mln).
The asset, called Fitzalan, is the result of a conversion in 2017 to provide 271 studios and 42 two-bedroom flats, as well as a retail unit at ground floor level. Communal areas include a gym, cinema room, communal study rooms and laundry, plus a landscaped garden with barbecues and table tennis tables.
The Fitzalan represents Asper’s first acquisition in the UK student sector.
Alex Taylor, transactions manager at abrdn, commented, ‘This is an acquisition of a very well-specified direct-let asset and demonstrates our continued appetite to invest in strong student locations. abrdn will continue to look for similar opportunities during the course of 2022.’
Robert McDonnell, fund manager at abrdn, added, ‘Following this transaction, ASPER will continue to actively seek build to rent and student accommodation opportunities in both the UK and Ireland.’
Three further operational student accommodation assets in Southampton, Dundee and Edinburgh – all 100% occupied – are currently being marketed by McLaren Property. McLaren Property has a further pipeline of 3,000 student bedrooms across the UK.
Cushman & Wakefield acted on behalf of the ASPER and MTRE acted on behalf of McLaren Property.
