£66.5m investment to buy two student accommodation schemes

A property and hospitality developer has strengthened its portfolio by buying two student accommodation buildings in Leeds and Sheffield for £66.5m.

Far East Orchard has acquired The Foundry in Leeds, with 239 beds, and The Elements in Sheffield with 735 beds. Both properties have been operating at full occupancy since opening in
2017 and 2018 respectively, benefiting from their proximity to university campuses and their city centres.

The properties will be managed by the facility manager of the Group’s existing student accommodation portfolio in Brighton, Bristol, Liverpool and Newcastle-upon-Tyne.

The Foundry, Leeds

Its latest purchases bring Far East Orchard’s student housing portfolio to 3,260 beds across 11 properties in the UK, surpassing its target to grow its portfolio to 3,000 beds by 2023.

Group chief executive officer and managing director of Far East Orchard, Lui Chong Chee, said: “We have been on the journey to build our recurring income base. We are pleased that our strategic efforts are translating into results, with the continued growth of our student accommodation portfolio to 3,260 beds, ahead of our target to achieve 3,000 student beds by 2023.

“We look forward to capitalising on the favourable demand-supply dynamics across the six key student cities in the UK that we are currently present in.

“Riding on our acquisition momentum, we will continue to explore accretive development and acquisition opportunities to enhance our recurring income, as part of our long-term strategy to build a resilient business.”

Far East Orchard is a property developer, hospitality owner and operator with a diversified property investment portfolio comprising purpose-built student accommodation and medical suites.

The company, which was established in 1967, is a member of Far East Organisation, Singapore’s largest private property developer.