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Mapletree Investments acquires seven student dorms in US
MAPLETREE Investments has acquired a portfolio of seven student accommodation assets in the United States from Kayne Anderson Real Estate Advisors.
This marks the group's maiden acquisition of student accommodation in the US, the largest student accommodation market globally.
The portfolio caters to institutions with high enrolments, which had compounded annual growth rate of more than 2 per cent over the last decade. All seven properties were purpose-built in the last two to three years and are equipped with amenities such as reading rooms, gyms and swimming pools. They are located across six states in the US.
Hiew Yoon Khong, Mapletree's group chief executive officer, said: "The healthy demand for higher education globally coupled with the quality of academic institutions in the US and UK present a strong investment case for purpose-built student accommodation. In view of the growing demand for quality tertiary education, both from local US and UK as well as international students, we intend to further scale up in these growth markets. Our aim is to build a strong global platform with this defensive and resilient asset class."