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."
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
SPH shares closed flat at S$1.87 on Wednesday.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Mapletree Industrial Trust Q4 DPU rises 0.9% to S$0.0336
Nasdaq’s profit falls as shaky economy keeps IPO revival elusive
iFast Q1 net profit surges on ePension unit performance
Suntec Reit Q1 DPU down 13% to S$0.01511 in absence of capital distribution
US: Wall St opens lower as Meta Platforms, economic data weigh
Sheng Siong Q1 net profit up 9.3% on higher revenue