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Far East Orchard buys two student accommodation properties in Leeds and Sheffield for £66.5m
FAR East Orchard Limited has acquired two freehold student accommodation properties in Leeds and Sheffield, United Kingdom, with a total of 974 beds for £66.5 million (about 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.
The properties will be managed by the facility manager of the group’s existing student accommodation portfolio in Brighton, Bristol, Liverpool and Newcastle upon Tyne, UK.