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Singapore Press Holdings Acquires Student Castle

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Singapore Press Holdings (SPH) has been busy over the Christmas period, snapping up Student Castle and its portfolio of purpose-built student accommodation (PBSA).

The portfolio of properties consists of seven buildings, including five operational assets in York, Cambridge, Bath, Edinburgh, and Durham, as well as two sites under development in Brighton and Oxford.

The entire portfolio contains 2,383 beds, with SPH purchasing the accommodation for c.£411 million.

The acquisition falls in line with the company's ongoing strategy of expanding the group's asset management business to acquire cash-yielding assets in multiple defensive sectors and demonstrates its intent to build a sizeable PBSA platform.

The purchase more than doubles the SGX-listed company's holdings to USD 1.1 billion and brings its total holdings to 7,726 beds across 18 cities in the UK and Germany.

Commenting on the acquisition, chief executive office of SPH Ng Yat Chung, said: "The acquisition of the Student Castle platform and assets allows us to add a premium brand and portfolio that complements our existing PBSA portfolio".