Singapore-based IP Investment Management (IPIM) has bought a 255-bed student accommodation block in Edinburgh for £19m.
The purchase of the purpose-built scheme on Gorgie Road is the private equity-based fund manager’s second push into the student sector this year.
In March, it bought a site in Selly Oak, Birmingham, which will provide 100 studios upon completion in September 2016.
The Edinburgh scheme will have 92,000 sq ft of student accommodation in a mix of cluster flats and studios, and is due to be completed in 2017 ahead of the new academic year.
IPIM is working with Maven Capital Partners (Maven), which will provide asset management services to deliver the scheme. This is IPIM’s second transaction with Maven, following the Birmingham site acquisition earlier this year.
Peter Young, director at IPIM, said: “We are committed to building a robust portfolio of student accommodation assets across the UK and we see Edinburgh as a crucial part of this.”
Andrew Whiteley, investment director at Maven Capital Partners, said: “The Gorgie Road property will be an excellent addition to the Edinburgh student accommodation market, which remains substantially undersupplied. We are looking forward to getting on site early in the new year and to delivering another high-quality asset to IPIM well ahead of the start of the 2017/18 academic year.”
