Crosslane has sold two Newcastle student accommodation properties to Brookfield for £51.5m.
The deal includes its recently completed 147-bed development, St James’ House, Newcastle upon Tyne, which it sold for £16.5m – a 6% yield.
It also advised Victus European Student Accommodation Fund on the sale of phases one and two of St James’ Point, both close to St James’ Park, and developed by Crosslane, to the same investor for a total £35m, reflecting a net initial yield of 6%.
Andy Whatson, director of Crosslane Student Developments, said: “Crosslane is pleased to have successfully identified the sites in prime locations in Newcastle and then developed these three student accommodation schemes over three consecutive years delivering 566 beds in the city.
Our fourth development is expected to be complete for the 2017/18 academic year and will see Crosslane deliver a further 130 beds.”
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