Arlington buys student digs
Arlington Investors has paid £120m to acquire two student property portfolios totalling 1,450 beds from Spectrum Housing Association and Sanctuary Students. The sites are spread over Birmingham, Cheltenham, Exeter and Gloucester. Arlington was advised by Savills and Knight Frank.
Union purchase as easy as XYZ
Union Investment has bought the XYZ building in Manchester from Allied London for £85m. The price represents an initial yield of 4.8% on the 167,000 sq ft office at Spinningfields. The development is prelet to tenants including the National Computing Centre and Shoosmiths. Farmer Capital acted for Allied London; Savills represented Union Investment.
Hackney hotel freehold sold
TH Real Estate has bought the freehold of a Travelodge hotel and retail development in Hackney, E8, for £13.5m – a net initial yield of 5.9%. The site was bought from developer LPC Living on behalf of the UK balanced fund Henderson UK Property OEIC. Lewis Ellis advised Henderson UK Property OEIC.
Mapletree grows its portfolio
Singaporean investor Mapletree Investments has completed its purchase of the Project Ardent student housing portfolio for £417m from International Mutual Fund. The price for the 5,500-bed portfolio reflects a yield of around 6%. Ardent comprises 25 properties in 12 UK cities. Knight Frank represented IMF.
Clayton Square sold for £38.4m
Rockspring Property Investment Managers has bought Clayton Square shopping centre in Liverpool from Infrared Capital Partners for £38.4m – a net initial yield of 6.3%. The shopping centre near Church Street includes 17 retail units. KLM represented Rockspring; Strutt and Parker acted for Infrared.
