The green light has been given for £400m student housing portfolio Project Ardent to be put up for sale.
The shareholders of the Mansion Student Accommodation Fund will look to bring the portfolio to the market as a single portfolio via Knight Frank. The price will reflect a circa 6% yield.
The decision to sell the 5,500-bed portfolio follows a review by the agent into the fund. Other options mooted included the refinancing of a number of properties.
A letter to shareholders this week said: “Following the receipt of Knight Frank’s strategic review, the board of the fund has discussed the review in detail and has also taken account of the feedback and opinions of the fund manager, the investment adviser and the property manager.”
It added: “The board has concluded to follow the recommendation of Knight Frank and look to bring the MSAF portfolio to the market as a single portfolio. The long-term future of the fund will be considered further once the disposal process has completed.”
The portfolio contains 25 properties across 12 cities. A third of the portfolio by value is in London.
Redemptions from the Mansion Student Accommodation Fund were suspended in October 2013 after it was unable to satisfy withdrawal requests.
