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Maven Capital Offloads Marketgait Apartments

Posted by Richard Ward

Image courtesy of Flickr, Creative Commons

The property and private equity manager has sold off the purpose-built student accommodation in Dundee to 90 North Real Estate Partners.

Maven offloaded Marketgait Apartments for £9.5m, thereby generating a return in excess of double the money for its clients in a period of just over three years.

The 116-bed property was purchased by Maven in April 2015 for just £1.55 million and following a £5 million refurbishment opened in time for the 2016-17 academic year, achieving a 100% occupancy rate. The property is also reportedly fully-let for the 2018-19 season.

Commenting on the sale, Maven investment director Colin Anderson, said the sale represented an excellent return for its investors.

Mr Anderson added: "Scotland in particular continues to be a strong market for Maven where we have developed and recently exited from similar assets in Glasgow and Edinburgh."

"We are grateful to all the firms who supported us on the project and in particular The Royal Bank of Scotland, which provided the senior debt, main contractor Morris & Spottiswood, and Workman as project manager."