Singapore: Mapletree Investments has acquired 8,192 student housing beds from Cuscaden Peak Investments, in a deal worth £1 billion (S$1.7 billion).
The acquisition brings Mapletree’s student housing portfolio to 33,000 beds across 47 cities in the UK, the US, Germany and Canada, with total assets under management of US$6.2 billion.
It also positions the group as one of the largest owners of student housing in the UK, with more than 17,000 beds.
The portfolio includes assets located in key university cities in the UK such as Bristol, Cambridge, Durham, Edinburgh, Oxford and York, as well as Bremen in Germany, Mapletree said.
“The acquisition is part of Mapletree’s strategy to grow the student accommodation sector in the UK, the US, Europe and Australia, which remain underserved by quality student housing assets,” noted group chief executive officer Hiew Yoon Khong. “The student housing sector is one of the group’s core real estate focus areas due to its fundamental demand-supply imbalance and defensive characteristics,” he added.
The acquisition also includes an operating platform, which provides Mapletree with direct operational control of the newly acquired portfolio.
The Student Castle/Capitol Students platform achieved Platinum certification, the highest level possible under the Global Student Living rating system, which measures PBSA properties for their condition and amenities, value, management and other criteria.
“We will capitalise on the newly acquired operating platform to support our strategic vision of growing as well as enhancing our operational performance in the UK,” Hiew added.
