City Developments Limited (CDL) has purchased five top-quality specifically designed students’ housing (PBSA) properties in exchange for GBP215 millions ($357 million) in addition to its housing for students across the UK.
The acquisitions, that comprise 1863 beds, were completed through two distinct transactions.
The Lakegarden Residences e brochure that will host 300 sophisticated and elegant apartments.
Five of the assets situated at Birmingham, Canterbury, Coventry, Leeds and Southampton and have an average of less than 3 years. The assets are said to be stocked with “excellent facilities” and are situated in the most coveted areas for catchment and are close to major transportation hubs as well as renowned universities.
The properties have an average commitment occupancy rate of the 98% CDL says. CDL.
After the successful completion of the acquisitions following the completion of the acquisitions, after the acquisitions are completed, CDL’s PBSA portfolio will include 6 bed assets as well as 2,368. The company first made its debut in the UK PBSA sector after it purchased Infinity, a bed with 505 beds Infinity in June of this year.
“The UK student accommodation sector remains resilient as students return to their campuses after the Covid incident. The assets we have acquired are strategically placed in cities with significant demand, however they are traditionally unserved because of a lack of supply which will increase rental possibility in the future,” says Sherman Kwek CDL’s group CEO.
The universities of the UK improving their global standing this presents an exciting opportunity to expand your presence within this area and boost our recurring earnings,” he adds.
Apart from the PBSA properties, CDL says it has an inventory of more than 1,300 private rental sector (PRS) units.
The the first PRS project, in Leeds is now in the first phase of its completion this month. Once completed, the project will include 665 PRS apartments as well as 24,000 sq feet in commercial spaces.
Another PRS site located in Birmingham is currently in development and will be completed by 2025. This second site is believed to be the world’s highest pure octagonal residential tower, which will comprise more than 370 PRS units after its completion.
CDL’s hospitality REIT CDL Hospitality Trusts (CDLHT) is also working on another 352-unit PRS scheme in Manchester.
As of 3.09pm the shares of CDL are trading unchanged at $8.25.