Unite Students is selling a 14-asset portfolio of student properties to Singapore Press Holdings in a £180.5m deal.
The purchase price reflects a net initial yield of 6.3% and is “marginally below” book value.
The 3,346-bed portfolio is made up of a combination of wholly owned, USAF and LSAV properties located in Plymouth, Huddersfield, Sheffield, Birmingham, Bristol and London. Unite’s share is £84.7m.
Unite said the deal is in line with its “strategy to recycle capital through the disposal of assets with lower than average growth prospects”.
It added: “Unite no longer has a presence in Plymouth or Huddersfield and the efficiency and quality of the portfolio has been enhanced.”
The deal is likely to complete in late September.
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