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Metro and friends are buying the Dean Street Works in Bristol
Singaporean property group Metro Holdings has added a second asset to its student housing fund with the purchase of a 181-bed accommodation near the University of Bristol in southwest England.
The fund, Paideia Capital UK Trust, bought the six-storey Dean Street Works for a total consideration of £30.1 million ($41.2 million), including the purchase consideration for the property of £29.4 million and related taxes, fees and expenses of £700,000.
The acquisition in the largest city in England’s southwest is the latest in a series of overseas student housing investments by Singaporean firms including Singapore Press Holdings and Mapletree Investments as institutions seek high yielding opportunities in a time of compressing yields.
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By Florence Chong2020-12-21T14:23:00+00:00
Singapore-based property investment group Metro Holdings has teamed up with two other companies to invest up to £150m (€164m) in student accommodation assets in the UK.
Metro, Lee Kim Tah (LKT) and Woh Hup have established Paideia Capital UK Trust, a purpose-built student accommodation (PBSA) fund.
Paideia Capital raised £60m at its first close, which will potentially fund up to £150m in acquisitions. Metro said its intention was to bring new investors into the fund in the future.
The fund is being seeded with a newly-constructed 210-bed building, located just outside the University of Warwick, acquired for £21.5m.