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Far East Orchard Buys Student Accommodation Assets

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

Singapore based Far East Orchard, has acquired three student accommodation schemes in Bristol and Liverpool for £55m.

The properties include the 133-bed Harbour Court and 166-bed St Lawrence House in Bristol, as well as The Glassworks in Liverpool, which contains 323 units.

Far East Orchard now controls a portfolio with 2,091 purpose-built student accommodation beds, across eight assets in the UK.

Commenting on the purchase, Group Chief Executive, Lui Chong Chee, said: "Since our entry into the UK student accommodation sector in 2015 via the acquisition of a portfolio of properties and land sites for development in Newcastle upon Tyne, we have expanded into three other cities - Brighton, Bristol and Liverpool."

"Our latest acquisition of three stabilised properties in established UK university cities is part of our strategy to enlarge our recurring income base, thereby reinforcing the Group's resilience."

"We are confident of the long-term fundamentals of the UK student accommodation market and remain on the lookout for opportunities to grow our student accommodation portfolio. In line with our strategy to grow our recurring income base, we remain on target to grow our student accommodation portfolio to 3,000 beds by 2023."