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PBSA Schemes Sold for £90 million

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Two blocks of purpose-built student accommodation (PBSA) in Leeds have been sold in a deal valued at £90 million.

The student housing division of London & Scottish Property Investment Management (LSPIM) developed Crown House in Sheffield and Symons House in Leeds and has now sold them on behalf of a US-based private investor.

Consisting of more than 700 beds, the sites were snapped up by an unnamed far eastern investor.

The student properties represented the first venture by LSPIM into the sector. The site for Crown House was acquired in 2015 and was developed into 355 luxury studio bedrooms before opening in time for the 2017-18 academic year.

Symons House, meanwhile, was purchased in 2017 and developed into 351 student bedrooms, opening in January this year.

Stephen Inglis, chief executive of London and Scottish Property Investment Management, said: "We are very pleased with the level of interest shown in these properties. We have developed a sound business model and have good relationships with both lenders and investors. As a result, these two projects - our first in the student accommodation sector - have been hugely successful for us."

"Having proved that the model works, we intend to reinvest the proceeds in further projects. We will definitely look at more student developments in university towns, but will also consider opportunities in other sectors."