Knightsbridge Student Housing has bought student accommodation property Europa, Liverpool, from Aprirose for £36.3m – a 5.25% yield.
The 127,951 sq ft purpose-built property is let to Nicelook Limited guaranteed by Watkin Jones on a term of 15 years, providing a total income of £2m per annum and has been fully let since construction.
The 92-bed property is within close proximity to two Liverpool university campuses.
Shaun Roy, partner, capital markets team, Knight Frank, said: “In a stock-starved marked fixed-lease student accommodation investment opportunities are keenly sought after and as such this sale attracted considerable interest.”
Manish Gudka, chief executive of Aprirose, added: “We acquired this property off-market in the depths of the recession, attracted by its stable income flows linked to inflation. We were motivated to dispose the investment as it provides us a strong return with a low-risk profile and allows us the opportunity to look at more core plus and value-add opportunities leveraging off our expanding asset management platform.”
Knight Frank advised Aprirose.
