“We see strong potential in the purpose-built student accommodation (PBSA) segment as it is a resilient asset class with strong fundamentals and provides opportunities for us to grow the portfolio in key markets,” says UOL Group’s chief executive Liam Wee Sin.
UOL Group has acquired Varley Park, a complex of student residential halls, for GBP43.5 million ($75.7 million). The acquisition of the property, which has 771 operational beds across 22 blocks, marks UOL’s first foray into the student accommodation sector.
The acquisition was made via a sale and purchase agreement (SPA) entered with the University of Brighton. The asset comes with a leaseback agreement with the university.
