Far East Orchard Plc, one of Singapore's largest property developers, have completed the purchase of a large portfolio of student accommodation in Newcastle.
The £40.6 million deal is for a group of properties in Shieldfield, built by Metnor Group. The group acquired the site back in 2006 when it was a brownfield site, but has since transformed the plot into retail units and student apartments.
Now the site is finished and sold, Metnor are moving on to build the next pahse of Portland Road accommdation in Newcastle, with a look to moving students in for the 2017/18 academic year.
Keith Atkinson is chief executice of the Metnor Group and has this to say of the sale:
"We have worked closely with Muckle LLP since we acquired the site in 2006 and we are proud to have helped to regenerate this area of the city by transforming a once derelict brownfield site into a vibrant student hub.
"The financial crisis which occurred in the middle of the development was an additional challenge but with the help of the team at Muckle we were able to secure funding through Bank Leumi and we are pleased to continue our work with Far East Orchard as the regeneration is a significant investment into the region."