Australia's Valad Property Group has acquired a student accommodation development in central London for about £30mln (EUR 38mln). The newly built 247-unit Therese House property is located near the Barbican EC1. It offers a mix of cluster apartments and studios, plus entertainment and social facilities.
Australia's Valad Property Group has acquired a student accommodation development in central London for about £30mln (EUR 38mln). The newly built 247-unit Therese House property is located near the Barbican EC1. It offers a mix of cluster apartments and studios, plus entertainment and social facilities.
Valad said such investment opportunities are considered rare in an area which experiences very high demand.
Valad carried out the purchase as asset and fund manager for the University Capital Trust fund (UCT). The Guernsey Property Unit Trust was launched in November 2005, and has a current portfolio value of c£90mln held in six separate assets across the UK. The target size for the fund is £200mln.
The initial commitment to purchase the completed development was made by Valad 18 months ago, and the valuation has since seen an uplift of approximately 20%.
David Kirkby, head of fund management Europe for Valad, said: 'This transaction provides UCT with its first scheme in London where there is a significant undersupply of purpose built student accommodation. This key development has consequently attracted strong interest from Universities and is letting well.'
