The Unite UK Student Accommodation Fund (USAF) has acquired the entire portfolio of the Cordea Savills Student Hall Fund for £137 mln (€172 mln).
The Unite UK Student Accommodation Fund (USAF) has acquired the entire portfolio of the Cordea Savills Student Hall Fund for £137 mln (€172 mln).
The portfolio comprises nine regional assets in the UK with a total of 2,904 beds.
The transaction was announced by Unite Students, the London-listed developer and manager of student accommodation, which holds a 21% stake in USAF. The acquisition was funded through a combination of cash resources and existing debt facilities following USAF’s recent fund raising in March 2014.
The acquisition increases USAF’s property portfolio value by 10% from almost £1.4 bn to over £1.5 bn, comprising 24,577 beds in 68 properties across 22 UK towns and cities.