Leeds and York properties bought in £271m student portfolio sale
A STUDENT ACCOMMODATION FUND has bought a property portfolio for £271m, which includes Broadcasting Tower in Leeds.
The student flats at Leeds Beckett University were developed by Downing in 2009 and sold to Ahli United Bank (AUB) two years later for £14.875m.
The Unite UK Student Accommodation Fund (USAF) has now bought the entire AUB UK Student Accommodation Fund, which has eight modern, high quality assets in seven prime student markets, also including York.
Mark Allan, chief executive of Unite Students, which has a 22% stake in USAF, said: “Following its recent capital raising, we are delighted that USAF has been able to complete the acquisition of one of the highest quality portfolios in the market.
“The portfolio is highly complementary to USAF’s existing portfolio and we see real opportunities to drive additional value through the introduction of our brand and operating platform as well as specific asset management opportunities.”
The acquisition increases USAF’s property portfolio value by 16% to £1.91bn, comprising 26,920 beds in 76 properties across 25 UK towns and cities.
