City Developments Acquire PBSA Portfolio for £215m

City Developments Limited (CDL) has acquired a portfolio of purpose-built student accommodation schemes in the UK for an estimated £215m.

The portfolio, which comprises over 1,800 beds, is spread across Birmingham, Canterbury, Coventry, Leeds and Southampton.

This follows CDL's entry into the UK PBSA market in June this year, in which the group acquired the 505-bed Infinity scheme in Coventry.

On completion of the deal, CDL's PBSA portfolio will total 2,368 beds across the 6 assets.

CDL's Chief Executive Officer, Mr Sherman Kwek, commented on the transaction: "The UK student accommodation sector continues to demonstrate strong resilience as students return to campus post-COVID. Our newly acquired assets are strategically located in cities where there is high demand but traditionally underserved by a lack of supply, providing further rental growth potential in the longer term. With universities in the UK enhancing their global positioning, it presents an exciting opportunity for us to amplify our presence in this sector and strengthen our recurring income."