You are here

SPH records £22.8 million revaluation gain on UK student accommodation portfolio

SINGAPORE Press Holdings (SPH) announced on Monday after trading hours that it has recorded a revaluation gain of 6.7 per cent, or £22.8 million (approximately S$38.4 million) on its purpose-built student accommodation portfolio.

The gain comes within a year of SPH’s expansion into the student accommodation sector, with the portfolio having grown to £338.4 million, comprising 5,059 beds across 10 cities in the UK. Real estate consultancy Cushman & Wakefield has valued the portfolio at £361.2 million as at Aug 31, giving a revaluation gain of £22.8 million.

SPH – which owns The Business Times – expects the UK student accommodation sector and overall investor interest in this area to remain strong, with up to £3.5 billion of investments likely to come in this year.

The group said that it has been boosting its operational expertise in the sector. Marketing capabilities have been expanded with a centralised marketing and sales office in China to capitalise on the demand by Chinese students for higher education in the UK.

sentifi.com

Market voices on:

SPH has also taken over operations at the property in Lincoln in the English East Midlands for the upcoming AY19/20 with plans to progressively operate more assets over the course of the year.