Singapore-headquartered Mapletree Investments has acquired a pair of student properties in Coventry from the UK's largest provider of student accommodation, Unite, for £96 mln (€111 mln).
The portfolio comprises 1,127 beds and includes the assets Callice Court, comprising 736 beds, plus Millennium View, consisting of 391 units.
'This transaction takes Unite's share of disposals in the year to date to £250 mln and supports our ongoing strategy of recycling assets to enhance our portfolio quality and maintain financial discipline,' said Richard Smith, chief executive of Unite Students.
'We intend to dispose of approximately £150-200 mln of assets per annum over the next three years,' Smith added.
Unite still maintains a presence in the city through its Gosford Gate and Raglan House properties.
The deal comes less than a year after Mapletree acquired a 224-bed property in the regional city of Norwich to its UK student housing portfolio. Following the transaction, the investor has 50 properties in the asset class, including 30 properties across 15 cities in the UK. Its other student holdings are in the US and Canada.
'Mapletree is optimistic about the relatively recession-proof and anti-cyclical nature of the student accommodation sector,' a Mapletree spokesperson said. 'We will continue building up our student accommodation portfolios in the United Kingdom and the United States as well as explore opportunities in other