Dublin Begins Consultation on City Plan
28th Jan 2021
Singapore Press Holdings (SPH) has completed the purchase of student accommodation assets worth £133.7 million, thereby increasing its portfolio by 1,243 beds to 5,059 across 20 assets in 10 cities.
Announced in a regulatory filing, the company said its three wholly owned subsidiaries, Straits Five, Straits Six and Straights Eight, have entered into a sale-and-purchase agreement with Habitus Holdings, Privilege Holdings, Privilege Southampton Holdings and AIGGRE Europe Real Estate Fund 1 GP to acquire the student accommodation in the UK for around £133.7 million in cash.
The acquisition also provides a rental guarantee that covers both the 2018-19 and 2019-20 academic years, providing SPH with earnings visibility for its portfolio of PBSA assets.
SPH said: "The AUM (assets under management) is now in excess of $600 million, establishing SPH as a leading PBSA player in the UK. With an enlarged platform, SPH can extract greater economies of scale and has started operationalising its asset management capabilities under the new Capitol Students brand."
Chief executive officer of SPH, Ng Yat Chung, added: "Since our first PBSA investment in September 2018, we have now successfully completed four acquisitions in the UK. These acquisitions are high-quality, cash-yielding assets in key student cities in the UK and will enhance our recurring income going forward. We remain disciplined in our acquisition pipeline, to build our UK PBSA portfolio to a platform of scale."
28th Jan 2021
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