Student accommodation manager and developer Unite Students has added a fifth Edinburgh asset to its portfolio with the £24m purchase of 123 Fountainbridge.
Unite Students Accommodation Fund bought the asset, which is located close to the University of Edinburgh’s campus on Prince’s Street. It consists of 331 beds and is 100% let for the 2017/2018 academic year.
The deal reflects an acquisition yield of 6%.
Unite said the deal reflected the company’s strategy of aligning its property portfolio with high-ranking universities in the UK where student numbers are growing, and creating further earnings growth and visibility.
The 123 Fountainbridge site adds to Unite’s existing portfolio of four assets in the city and increases the total number of beds to 1,680.
To send feedback, e-mail Louisa.Clarence-Smith@egi.co.uk or tweet @LouisaClarence or @estatesgazette
