{"id":340507,"date":"2022-12-15T20:30:40","date_gmt":"2022-12-15T12:30:40","guid":{"rendered":"https:\/\/www.mingtiandi.com\/?p=340507"},"modified":"2022-12-15T22:32:53","modified_gmt":"2022-12-15T14:32:53","slug":"cdl-buys-5-uk-student-housing-assets-for-266m","status":"publish","type":"post","link":"https:\/\/www.mingtiandi.com\/real-estate\/outbound-investment\/cdl-buys-5-uk-student-housing-assets-for-266m\/","title":{"rendered":"CDL Buys 5 UK Student Housing Assets for $266M"},"content":{"rendered":"<div id=\"attachment_340480\" style=\"width: 859px\" class=\"wp-caption alignnone\"><img decoding=\"async\" aria-describedby=\"caption-attachment-340480\" class=\"wp-image-340480 size-full\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/12\/Sycamore-House.jpg\" alt=\"\" width=\"849\" height=\"525\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/12\/Sycamore-House.jpg 849w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/12\/Sycamore-House-400x247.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/12\/Sycamore-House-640x396.jpg 640w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/12\/Sycamore-House-420x260.jpg 420w\" sizes=\"(max-width: 849px) 100vw, 849px\" \/><p id=\"caption-attachment-340480\" class=\"wp-caption-text\">The newly acquired assets include the 117-bed Sycamore House in Leeds<\/p><\/div>\n<p>City Developments Ltd has beefed up its student housing portfolio in the UK with the acquisition of five properties for \u00a3215 million ($266.5 million), as the asset class continues to attract Singaporean investors to Britain and continental Europe amid a post-pandemic rebound.<\/p>\n<p>The five assets in Birmingham, Canterbury, Coventry, Leeds and Southampton provide 1,863 beds and boast an average age of less than three years and an average committed occupancy rate in excess of 98 percent, CDL said Thursday <a href=\"https:\/\/links.sgx.com\/FileOpen\/News_Release_CDL_Acquires_Five_PBSA_Assets_in_the_UK_forGBP215m.ashx?App=Announcement&amp;FileID=741598\">in a release<\/a>.<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N6563.3378992MINGTIANDI\/B30546704.375324595;dc_trk_aid=566156183;dc_trk_cid=192150727;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"Copy of APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real Estate\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><script language='JavaScript1.1' src=\"https:\/\/ad.doubleclick.net\/ddm\/trackimpj\/N6563.3378992MINGTIANDI\/B30546704.375324595;dc_trk_aid=566156183;dc_trk_cid=192150727;ord=+ Date.now();dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;gdpr=${GDPR};gdpr_consent=${GDPR_CONSENT_755};ltd=;dc_tdv=1?\" attributionsrc ><\/script><\/p>\n<p>The SGX-listed property giant didn\u2019t name the sellers, saying only that it made the acquisition via two separate transactions. The deal follows the \u00a359.2 million ($72 million) June purchase of the group\u2019s first purpose-built student accommodation, the 505-bed Infinity in the English city of Coventry, <a href=\"https:\/\/www.egi.co.uk\/news\/singaporean-investor-buys-60m-coventry-pbsa\/\">from investment manager Erec Estates<\/a>.<\/p>\n<p>\u201cThe UK student accommodation sector continues to demonstrate strong resilience as students return to campus post-COVID,\u201d said CDL chief executive Sherman Kwek. \u201cOur newly acquired assets are strategically located in cities where there is high demand but traditionally underserved by a lack of supply, providing further rental growth potential in the longer term.\u201d<\/p>\n<h3>Beds Across England<\/h3>\n<p>The new additions to CDL\u2019s portfolio include two properties managed by Manchester-based Prime Student Living \u2014 the 614-bed Trinity View in Coventry and the 117-bed Sycamore House in Leeds \u2014 and two developed by London-headquartered Linkcity: the 435-bed Altura in Birmingham and the 491-bed Riverside in Canterbury. A fifth, the 206-bed Cumberland Place in Southampton, was recently listed in the portfolio of British asset manager Apache Capital.<\/p>\n<div id=\"attachment_39041\" style=\"width: 582px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-39041\" class=\"wp-image-39041 size-full\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2019\/05\/sherman-kwek-e1646750456291.jpg\" alt=\"sherman kwek CDL\" width=\"572\" height=\"413\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2019\/05\/sherman-kwek-e1646750456291.jpg 572w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2019\/05\/sherman-kwek-e1646750456291-400x289.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2019\/05\/sherman-kwek-e1646750456291-420x303.jpg 420w\" sizes=\"(max-width: 572px) 100vw, 572px\" \/><p id=\"caption-attachment-39041\" class=\"wp-caption-text\">CDL chief Sherman Kwek sees long-term rental growth in student accommodation<\/p><\/div>\n<p>With the latest acquisitions, CDL\u2019s student housing portfolio has expanded to six assets totalling 2,368 beds. The group also has a pipeline of more than 1,300 rental residential units at projects including The Junction in Leeds, The Octagon in Birmingham and CDL Hospitality Trusts\u2019 The Castings in Manchester.<\/p>\n<p>CDL in August <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/finance\/cdl-h1-profit-hits-record-high-after-seoul-hotel-sale\/\">posted a first-half net profit<\/a> of S$1.1 billion (now $800 million), a record-high result propelled by a one-time gain from the group\u2019s divestment of the Millennium Hilton Seoul hotel. The developer controlled by the Kwek family swung into the black after having announced a net loss one year earlier despite Singapore\u2019s property boom.<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/www.mingtiandi.com\/real-estate\/events\/oxford-ivanhoe-kic-savills-on-singapore-india-markets\/\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"14 NOVEMBER 2023 conrad centennial Singapore\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><\/p>\n<p>As the city-state\u2019s largest non-government-backed builder, CDL has sought to turn the page after its ill-fated investment in China\u2019s Sincere Property Group and a rough ride for its hospitality business during the COVID-19 crisis.<\/p>\n<h3>School\u2019s Still In<\/h3>\n<p>Singaporean investors have piled into student housing this year, led by sovereign fund GIC, which joined with US rental housing operator Greystar to acquire Britain\u2019s third-largest student accommodation provider, <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/outbound-investment\/gic-greystar-jv-buying-uks-student-roost-from-brookfield\/\">Student Roost<\/a>, and also secured a \u201csubstantial\u201d stake in Amsterdam-based <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/finance\/gic-apg-acquiring-stake-in-the-student-hotel\/\">The Student Hotel<\/a> alongside Dutch pension fund manager APG.<\/p>\n<p>In June, Far East Orchard hooked up with two fellow Singapore-based investors on a \u00a326.6 million ($32 million) joint venture to build a <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/outbound-investment\/far-east-orchard-jv-to-develop-bristol-student-housing\/\">student housing project in Bristol<\/a>, marking the developer\u2019s fourth property in the southwestern English city.<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/www.mipim-asia.com\/?utm_source=mingtiandi&#038;utm_medium=barter_website&#038;utm_campaign=mipimasia2023\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"AR-607487_Mipim Asia_23_Banner Resize 780&#215;250\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><\/p>\n<p>In October, Metro Holdings revealed that its Paideia Capital UK Trust had acquired <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/outbound-investment\/metro-ventures-buy-uk-student-housing-aussie-mall\/\">four student housing properties<\/a> in Exeter, Durham, Glasgow and Kingston for a total consideration of \u00a374.4 million ($84.5 million) in a deal completed in May.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>City Developments Ltd has beefed up its student housing portfolio in the UK with the acquisition of five properties for \u00a3215 million ($266.5 million), as the asset class continues to attract Singaporean investors to Britain and continental Europe amid a&#8230;&nbsp;<a href=\"https:\/\/www.mingtiandi.com\/real-estate\/outbound-investment\/cdl-buys-5-uk-student-housing-assets-for-266m\/\">Read&nbsp;More>><\/a><\/p>\n","protected":false},"author":9671,"featured_media":39041,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[842],"tags":[2674,5382,5359,5347,2755],"ppma_author":[8847],"authors":[{"term_id":8847,"user_id":9671,"is_guest":0,"slug":"christopher-caillavet","display_name":"Christopher Caillavet","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/500c291c35a85a2ad5827cf7c6d198e1?s=96&d=mm&r=g","user_url":"","last_name":"Caillavet","first_name":"Christopher","description":""}],"_links":{"self":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/340507"}],"collection":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/users\/9671"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/comments?post=340507"}],"version-history":[{"count":0,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/340507\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media\/39041"}],"wp:attachment":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media?parent=340507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/categories?post=340507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/tags?post=340507"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/ppma_author?post=340507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}