Corporate digest
Far East Orchard
FAR East Orchard Limited has acquired two freehold student accommodation properties in Leeds and Sheffield in the UK, with a total of 974 beds for £66.5 million (S$115.7 million).
Together with the 622 beds in Bristol and Liverpool acquired in March this year, Far East Orchard now has a portfolio of 3,260 purpose-built student accommodation (PBSA) beds across 11 properties in the UK - surpassing the group's target to grow its PBSA portfolio to 3,000 beds by 2023.
The newly acquired properties are The Foundry in Leeds with 239 beds and The Elements in Sheffield with 735 beds. Both properties have been operating at full occupancy since opening in 2017 and 2018 respectively, benefiting from their proximity to university campuses and the city centre.
Avarga
AVARGA, the former UPP Holdings, has posted net profit of S$7.7 million for the third quarter ended Sept 30. This was 2 per cent lower than the S$7.8 million net profit in Q3 FY2018.
Revenue slipped 11 per cent to S$389.6 million. Revenue from the building products business of Taiga for Q3 FY2019 decreased by 11 per cent to S$374.4 million from S$419.1 million over the same quarter last year. Earnings per share fell to 0.81 Singapore cent for Q3 FY2019 from 0.89 Singapore cent in Q3 FY2018.
