UK student housing manager and developer Unite Students said on Monday that its Unite Students Accommodation Fund (USAF) has acquired the 123 Fountainbridge student housing scheme in Edinburgh for a total of £24 mln (€27 mln), representing an acquisition yield of 6%.
The site, located close to the University of Edinburgh’s campus on Princes Street, consists of 331 beds and is 100% let for the 2017/2018 academic year.
The acquisition price also includes plans for installing a new reception, common space and study areas, as well as façade improvement works, all of which are set to be delivered in 2019, Unite said.
The transaction supports the company’s strategy of aligning its property portfolio with universities in the UK where student numbers are growing, and creating further earnings growth and visibility.
The 123 Fountainbridge site adds to Unite’s existing portfolio of four assets in Edinburgh and increases
the total number of beds to 1,680.
Richard Simpson, Group Property director, Unite Students said: 'Edinburgh is one of the leading university destinations, with increasing student numbers. Combined with our other four Unite sites in the city, 123 Fountainbridge offers further diversification within our portfolio providing students with one of the most affordable student accommodation options in the city centre.'
