Singaporean-listed Centurion Corporation has made its UK debut with a £77m North West student housing buy as it looks to build a portfolio.
The developer, which specialises in worker accommodation, has agreed to buy the 1,906-bed Lima portfolio from MCR Property Group at a circa 7% yield.
Centurion chief executive Kong Chee Min said the deal would kick off a two-year UK spending spree.
“It provides us with a good platform for the group’s future investments,” Min said.
“We can see there is a shortage of purpose-built accommodation,” he added.
Assets bought include the 384-bed Cathedral campus in Liverpool.
The UK student housing sector generated sales of £1.1bn in the first half of the year compared with £280m in the same period in 2013, according to Knight Frank.
James Pullan, head of student property at Knight Frank said: “There are more parties looking for stock than ever before.”
Savills advised MCR; GVA represented Centurion.
joanna.bourke@estatesgazette.com
