Empiric Student Property has sold Emily Davies House, its 180-bed PBSA scheme in Southampton, to Singapore-listed property company Far East Orchard for £13.9m.
The sale price reflects a net initial yield of 5.7%, with pricing ahead of 30 June 2022 book value.
The sale remains conditional upon the completion of minor works on or before 30 April 2023. Once the sale concludes, Empiric will have generated £71.5m from its programme to dispose of non-core assets.
Emily Davies House comprises three- and four-bedroom apartments with shared bathrooms and kitchens and is located within walking distance of Solent University and the city centre.
Duncan Garrood, chief executive of Empiric, said: “The sale of Emily Davies House is in line with our non-core disposal programme and releases capital for recycling into our core portfolio refurbishment programme. Against the backdrop of wider macroeconomic uncertainty, this sale demonstrates the continued attractiveness and resilience of PBSA.”
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