Singapore investor purchases U.K. student housing portfolio for £227m
U.K.-based student accommodation firm Unite Students and GIC, Singapore’s sovereign wealth fund, have acquired a U.K. student housing portfolio for £227 million ($284 million) in a 50-50 joint venture. The purchase of Aston Student Village, located in Birmingham, represents the first major on-campus acquisition of Unite and GIC’s London Student Accommodation Joint Venture.
Birmingham is one of the top cities for students. Aston Student Village comprises 3,067 beds across five large, detached properties on Aston University’s campus in central Birmingham. It is currently the only accommodation offered to students at Aston University, which has a student population of 11,000, with no additional accommodation available either under direct ownership or through nominations agreements. The modern, high-quality accommodation is fully occupied.
Student housing has grown from a niche investment opportunity into a global asset class, according to Savills. Growth in highe