Student accommodation provider offloads Coventry assets in £96m deal

Student accommodation provider Unite Students has offloaded two properties in Coventry, comprising 1,127 beds in a £96m deal.

The properties are being sold to Mapletree Investments Pte and have both now exchanged and completed. The purchase price is in line with book value.

The portfolio comprises two assets in Coventry; Callice Court and Millennium View, which offer 736 and 391 beds respectively.

Unoite said the transaction is in line with its strategy of recycling capital through disposals to re-invest into its development pipeline. Unite retains a presence in the city through its Gosford Gate and Raglan House properties, both of which benefit from nominations agreements, which it said demonstrates the strength of Unite’s local university relationships.

Richard Smith, chief executive of Unite Students, said: “This transaction takes Unite’s share of disposals in the year to date to £250m and supports our ongoing strategy of recycling assets to enhance our portfolio quality and maintain financial discipline. We intend to dispose of approximately £150-200m of assets per annum over the next three years.”