UBS Asset Management buys student housing from UCL

UBS Asset Management’s Triton Property Fund has invested £31.5m (€37.2m) in a UK student housing development.

The Orient House scheme in west London was sold by Imperial College London, which has operated the accommodation as part of its GradPad portfolio.

Universal Student Living will take over operations of the 184-room, 58,000sqft residence.

Howard Meaney, head of real estate UK and senior portfolio manager for UBS Triton, said London universities have more than 250,000 full-time students, almost 70% of which are unable to access university or private-sector accommodation.

“This demographic creates a demand profile which, combined with a lack of supply of direct-let purpose-built student accommodation, makes Orient House an exciting acquisition for UBS Triton, in line with its investment criteria and returns profile.”

Orient House is the fund’s fourth student accommodation addition, following investments in Newcastle, Durham and Belfast.

“With an 800-bed student accommodation portfolio, the fund has built up a meaningful expertise of this sector, enabling us to effectively manage our assets and ensure their value is maximised,” Meaney said.