SL3, a company owned by Guernsey-based investment firm Residentia, has bought a 314-bed student accommodation scheme from Jersey resident Geoffrey Walton.
The cluster flat, purpose-built student housing development, known as the Stepney Lane portfolio, was bought for £15.5m. It is located in Newcastle city centre.
Matthew Hodgetts of Deer Park Capital, investment adviser to Residentia, said the deal represented an excellent long-term investment that would benefit both the city’s student population and the company’s investors and shareholders “for many years to come”.
Residentia aims to build its portfolio of income-producing residential accommodation throughout the UK through the acquisition of similar portfolios.
It invests directly into high yielding UK real estate assets on both a portfolio and special situation basis.
The firm often targets affordable assets, deliberately avoiding the prime marketplace.
Law firm Brecher advised SL3 on the purchase.
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