A company providing student accommodation in Huddersfield has been involved in a £137m acquisition.
Unite Students, billed as the UK’s leading developer and manager of student accommodation, said that the Unite UK Student Accommodation Fund (USAF), in which the group has a 21% stake, has acquired a 2,904 bed student accommodation portfolio for £137m.
The acquisition was funded through a combination of cash resources and existing debt facilities following USAF’s fund raising in March.
The portfolio comprises nine regional sites and represents the entire portfolio of the Cordea Savills Student Hall Fund, a private student accommodation fund. The acquisition increases USAF’s property portfolio value by 10% from £1.375bn to £1.512bn, comprising 24,577 beds in 68 properties across 22 UK towns and cities.
Two of the properties acquired – in Bath and Portsmouth – are already operated by Unite under sale and leaseback arrangements, so the group’s operational portfolio will increase by 1,862 bed spaces as a result of the acquisition.
The newly-acquired assets are complementary to Unite Students’ existing portfolio, which include sites at Saw Mill, Snow Island and Firth point in Huddersfield. It also has sites in Bath, Birmingham, Bristol, Edinburgh, Leeds, Loughborough and Portsmouth.
The portfolio also includes two smaller assets in Preston and Bradford which will continue to be operated by a third party manager and are likely to be sold in due course.
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