UK-based student accommodation developer and manager Unite Students has sold a portfolio of eight properties to Aventicum Real Estate for £133million.
The portfolio, comprising 2,284 beds, includes assets in Coventry, Wolverhampton, Birmingham, Exeter and Manchester.
”Completion has now taken place for the disposal of seven of the eight properties in the portfolio for £120 million. The disposal of one remaining property in Manchester for £13million is expected to complete later this year,” said Unite Students in a statement.
“This disposal forms part of our target to dispose of £200-300 million of assets in 2021. The sale is consistent with our strategy of increasing our exposure to high and mid-ranked Universities where demand is strongest, while delivering operational efficiencies that contribute towards our target for an improvement in our EBIT margin to 74% by the end of 2023,” said Richard Smith, Chief Executive of Unite Students.