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UK: Singapore-based property developer UOL Group has agreed to acquire Varley Park, a student accommodation complex in Brighton, UK, from the University of Brighton for £43.5 million.
This marks UOL’s first investment in the purpose-built student accommodation (PBSA) sector.
Varley Park comprises 771 operational beds across 22 blocks on a 2.8-hectare site, with an amenity block housing conferencing facilities and a dining hall.
The property will be leased back to the University of Brighton under a leaseback agreement.
UOL’s group chief executive Liam Wee Sin said: ““We see strong potential in the PBSA segment as it is a resilient asset class with strong fundamentals and provides opportunities for us to grow the portfolio in key markets.”
The acquisition will be funded through a mix of internal resources and external borrowings. UOL currently owns three other recurring-income assets in the UK: Pan Pacific London, 120 Holborn Island, and 110 High Holborn.
Highlights:
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UOL has acquired Varley Park in Brighton for £43.5 million.
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The deal marks UOL’s first investment in the UK student accommodation sector.
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Varley Park comprises 771 operational beds across 22 blocks.
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The property includes a leaseback agreement with the University of Brighton.
- UOL plans to fund the purchase through internal resources and borrowings.
