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SPH commences £10.6m asset enhancement initiative for UK student accommodation
SINGAPORE Press Holdings (SPH) has commenced a £10.6 million (S$18.9 million) asset enhancement initiative to refurbish nine properties in its UK student accommodation portfolio.
This comes as the media group looks to meet the changing preferences for accommodation type as well as to "maintain their competitive edge over other properties in the area".
The refurbishment efforts will focus on assets under the Capitol Students brand, which were acquired in September 2018 and located in cities and towns with a predominantly domestic UK student population that is expected to grow, said the group on Wednesday.
About £5.37 million will be allocated to the conversion of 112 non en-suite rooms to studios at St Teresa House in Plymouth to meet the demand for students who "prefer to have their own private space and access to high-end features".
The remaining funds will focus on refurbishments of rooms and selected common areas for eight assets in Huddersfield, Plymouth, Sheffield, Bristol and Birmingham for its portfolio to remain competitive and ensure consistent quality across its assets.
Said William Lee, technical director of SPH’s student accommodation portfolio: “The asset enhancement initiatives will strengthen our presence in the locations where we have built up close relationships with the local universities."
SPH shares closed flat at S$1.87 on Wednesday.