SINGAPORE (EDGEPROP) - Real estate development and investment business Mapletree Investments has acquired four student accommodation assets in the UK for about GBP165 million ($300 million) from Vita Group, which will be engaged as the operator for the four assets under the Vita Student brand. (See also: Mapletree posts net profit of $1.9 bil for FY20/21)

The acquired portfolio comprises purpose-built student accommodation (PBSA) assets in Exeter, Bristol, Leeds and Nottingham, totalling 917 beds. The properties are located within walking distance to Russell Group universities and are within close proximity to amenities such as town centres and train stations.

“In the aftermath of challenges faced by the sector last year during the Covid-19 pandemic, the PBSA markets in the UK and the US are experiencing robust recovery with schools re-opening for face-to-face lessons in the next academic year,” says Chua Tiow Chye, Mapletree’s deputy group CEO.

“The high vaccination rates and strong student enrolment figures in these two markets have also enabled strong pre-leasing rates of student beds for the next academic year to be achieved,” Chua adds. “Mapletree will continue to expand its global footprint in this asset class for its attractive long-term growth prospects supported by strong fundamentals of domestic and international students’ demand.”

Including the latest acquisition, Mapletree’s student accommodation portfolio comprises 55 assets with over 23,000 beds located across 37 cities in the UK, the US and Canada. The total assets under management amount to an estimated $4 billion. About 60% of these beds are held by Mapletree’s private fund, Mapletree Global Student Accommodation Private Trust.