Southampton Asset Acquired by Sunway RE Capital

Southeast Asian conglomerate, Sunway Group, has expanded its student accommodation portfolio, acquiring a Southampton-based asset,

Dubbed Green Wood Court, the PBSA asset was acquired by Sunways established and sponsored private trust established in Singapore, Sunway Residence Trust II.

The accommodation scheme is situated close to the University of Southampton's Highfield and Bolderwood campuses and underwent refurbishments in 2018.

Occupancy for Greenwood Court is 100% for the current academic year (2022/23). It comprises 233 beds arranged as 217 non en-suites and 16 studios.

The acquisition takes the total bed count for Sunway RE Capital to over 800 across the 5 PBSA assets.

Sunway RE Capital Chief Executive Officer, Dr Tan Kok Heng, commented: "The demand for quality education overseas continues to see a steady rise post-pandemic and the UK remains one of the most popular destinations for overseas students in the world.

With its 100% occupancy rate and limited supply of PBSAs in the area, the acquisition of the 233-bed Green Wood Court in Southampton, UK, marks an attractive addition to our PBSA portfolio and it is consistent with our fund strategy to achieve steady and stable income streams, with potential value-added upside through active asset management and enhancement initiatives.

Building on this momentum and the strength of Sunway's track record and competencies, we aim to accelerate our efforts to scale up our platform to acquire additional yield accretive student accommodations in the UK, grow our AUM and extend our track record"