Singapore Press Holdings Limited (SPH) has acquired a portfolio of Purpose-Built Student Accommodation (PBSA) assets in the UK from Student Castle for £448 million.
The student housing portfolio is composed of seven properties located in Cambridge, Oxford, Bath, Brighton, Durham, Edinburgh and York. The assets in Oxford and Brighton (collectively, the Development Assets) are under development.
This latest acquisition adds 2,383 beds, scaling SPH’s total portfolio to 7,726 beds across 18 cities in UK and Germany, said the company in a statement.
About 84% of the beds are in close proximity to top-ranked and Russell Group universities including the world-renowned University of Oxford and University of Cambridge.
“We continue to expand the scale of our PBSA portfolio. The acquisition of the Student Castle platform and assets allows us to add a premium brand and portfolio that complements our existing PBSA portfolio. This is in line with our strategy to grow recurring income to deliver sustainable returns to shareholders,” said Ng Yat Chung, Chief Executive Officer of SPH.