Aberdeen Property Investors (API) has made its first significant acquisition in the student accommodation sector, with the purchase of Purbeck House in the UK city of Bournemouth from the Cordea Savills Student Hall Fund.
Aberdeen Property Investors (API) has made its first significant acquisition in the student accommodation sector, with the purchase of Purbeck House in the UK city of Bournemouth from the Cordea Savills Student Hall Fund.
The investment volume of just over £20 mln (EUR 22.8 mln) reflects a net initial yield of 6.75%.
Student accommodation is increasingly been seen as an acceptable investment for institutional funds, but this is the first time a general investment fund rather than a dedicated student accommodation fund has invested in the sector.
Purbeck House comprises a modern purpose-built development of 519 student rooms in the centre of Bournemouth University's Lansdowne Campus.
The property is let for a further 21 years to a subsidiary of Unite Group.
Egan Lawson advised AP, while CB Richard Ellis and King Sturge acted for Cordea Savills.
