KWAP enters U.K. student sector with €44.3m acquisition

Kumpulan Wang Persaraan Diperbadankan (KWAP), the second-largest pension fund in Malaysia with RM125 billion ($31.72 billion) of assets under management, has acquired two purpose-built student accommodations from IP Investment Management and Maven Capital Partners for a combined price of £39.75 million ($51.7 million).

The first asset, 800 Bristol Road in Birmingham is situated in Selly Oak and within walking distance from the University of Birmingham. Surrounding universities include Birmingham City University, Aston University and University College of Birmingham. Completed in 2016, the four-story freehold building provides 103 studio accommodations for students, in addition to a cinema room, function room, gym, study rooms, laundrette, secure bike storage and 11 car parks.

The second property, The Mill House in Edinburgh is situated within Edinburgh Education Corridor, which consists of University of Edinburgh, Heriot-Watt University, Edinburgh Napier University and Queen Margaret University. Completed in 2017, the six-story freehold building provides 23 studios and 234 en-suite units, in addition to a gym, common room, games room, laundrette, secure bike storage and 12 car parks.

The acquisition of both properties brings the total number of properties owned and co-owned by KWAP to 14. Its other international properties are in Australia, London, United Kingdom and Germany.

Recently KWAP announced plans to invest in the U.S. market.