Six student accommodation sites in Aberdeen have changed hands in a £33 million deal.
Unite Students, the UK’s leading owner, manager and developer of student accommodation, has sold them to an investment fund managed by Clearbell Capital, in partnership with specialist property consultancy Iceni Property Asset Management (Ipam).
The six halls – Farmers Hall Lodge, Linksfield House, St Peter House, Old Fire Station, King Street Exchange and Don Street House – comprise accommodation for more than 1,000 Aberdeen University students in total.
Firm focused on more ‘efficient’ assets
Unite described the deal as an exit from “several smaller and less operationally efficient assets”.
The company still operates two nearby properties boasting a total of 911 student beds.
Its latest disposals take the total value of sales across Unite’s UK-wide portfolio this year to £339m.
Nick Hayes, group property director, Unite Students, said: “This disposal of six small and less operationally efficient assets further enhances our alignment to the strongest markets where demand is highest.
“The proceeds will be used to help enhance our existing portfolio and to deliver on our record £1 billion secured development pipeline.”
The six Aberdeen halls are now part of Clearbell’s Every Student brand.
Rob Mills, partner, Clearbell, said: “As the number of young people attending university continue to increase yearly, we want to help students access well-priced and high-quality accommodation, where they have the chance not only to enjoy their university experience but also to have the opportunity to be part of a community in a culturally rich and diverse city like Aberdeen.”
Ipam founding director and chief executive Matthew McAdden said: “These assets are well located and of good quality.
“They are all priced at levels that ensure we can deliver on our brand promise of ‘quality living at affordable prices’.”
Clearbell manages capital from investors around the world, including pension funds, fund of funds and not-for-profit investors.
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