Concerns Raised Over St Andrews Accommodation
10th Dec 2018
The international investment firm Arlington, which represents Saudi and Kuwaiti investors, has acquired the operating portfolio of Study Inn for £135 million.
The acquisition takes Arlington's student accommodation portfolio to over 10,000 beds and its total investment in the sector to more than £750 million.
The deal was partially funded by a 38-year bond and was fully subscribed by funds managed by Aberdeen Standard Investments, with the balance of the debt provided by MetLife.
The sites will maintain under the Study Inn brand, who will also continue to operate the assets.
Commenting on the acquisition, George Shweiry, founder and CEO, said: "We are pleased with the growth in our portfolio. Reaching this prized position has only been made possible by the trust and backing of our investment partners in the Middle East".
"Our most recent acquisition marks a big milestone for Arlington and provides us with increased momentum as we continue to grow into 2018."
Arlington recently acquired a £40.5 million portfolio of four student accommodation assets in Portsmouth and Southampton from Stelling & Co. Its other major holdings include 1,445 beds purchased from Spectrum Housing Association and Sanctuary Housing Association in March 2016, as well as 4,539 beds acquired from Opal Student Property Group in 2014.
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