Far East Orchard has launched its first private fund in Singapore, the FE U.K. Student Accommodation Development Fund (FESAD), which aims to invest in purpose-built student accommodation (PBSA) across United Kingdom, according to a release.
The fund achieved an initial closing of £70 million ($93 million) Aug. 22 and targets a total commitment of £100 million ($132 million).
The fund’s first project is a 273-bed student accommodation development in Glasgow.
FESAD’s initial limited partners were Far East Orchard Investments (UK) Pte Ltd (FEOI) and Aurum Investments (Private) Limited, holding 85 percent and 15 percent of the initial interest in FESAD respectively.
