Singaporean real estate company City Developments has acquired Erec Estates’ UNINN Infinity purpose-built student accommodation tower in Coventry for £59.2m, equating to a yield of 5.3%.
The 20-storey building is the tallest in Coventry, and was designed by architecture studio Apt.
The 505-bed development comprises 338 cluster en-suites and 167 self-contained studios. Amenities include a gym, karaoke room, meeting room, study room, laundry room and cinema.
In marketing materials for the sale prepared by CBRE, the seller highlighted Coventry as having “attractive supply and demand dynamics”, adding: “In Coventry specifically, existing PBSA assets are set to benefit from a reduction in the threat of future competition as the local authority is understood to be reviewing the possibility of a needs-based assessment for new PBSA schemes which could result in higher barriers to entry to this sought-after market.”
City Developments’ UK residential portfolio also includes the under-construction Junction in Leeds and the Octagon in Birmingham.
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