Bristol's Unite Students sells on two major assets for £96m
Bristol-headquartered Unite Students has disposed of two wholly owned properties in Coventry for £96m.
The UK-wide owner, manager and developer of student accommodation has revealed the properties comprise 1,127 bedrooms for a total of almost £100m.
The properties are being sold to Mapletree Investments Pte Ltd, and have both now been exchanged and completed. The purchase price is in line with book value.
Richard Smith, chief executive of Unite Students, said: “This transaction takes Unite’s share of disposals in the year to date to £250m and supports our ongoing strategy of recycling assets to enhance our portfolio quality and maintain financial discipline.
“We intend to dispose of approximately £150-200m of assets per annum over the next three years.”
The portfolio comprises two assets in Coventry; Callice Court and Millennium View, which offer 736 and 391 beds respectively.
The transaction is said to be in line with Unite’s stated strategy of recycling capital through disposals to re-invest into its development pipeline.
Unite Students offers purpose-built student accommodation for the UK. It currently provides homes for over 50,000 students in around 130 properties across 22 university towns and cities in England and Scotland.
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