Metro Holdings acquires UK student accommodation in Bristol for $54.8 mil

/ EdgeProp Singapore
February 2, 2021 4:30 PM SGT
(EDGEPROP) - Recently established student accommodation fund, Paideia Capital UK Trust, announced on Jan 29 its new acquisition of a property in the UK. The fund is 30% owned by Sun Capital Assets, a wholly owned subsidiary of Metro Holdings, and the remaining ownership is held by Lee Kim Tah Holdings, Aurum Investments, and a third-party investor.
Dean Street Works is a student accomodation in Bristol, UK. It comprises 44 studios and 181 ensuite bedrooms. (Picture: Metro Holdings)
The acquisition involves a UK property known as Dean Street Works in Bristol. According to an SGX filing by Metro Holdings, the total price is £30.1 million ($54.8 million), comprising the purchase consideration of the property of £29.4 million and the related stamp duty and estimated fees and expenses of £700,000.
According to Metro Holdings, the acquisition will be funded by a combination of proceeds from the subscription of units in the trust and external borrowings.
Dean Street Works features a landscaped internal courtyard, onsite laundry, and 1,025 sq ft of communal space. (Picture: Metro Holdings)
The Bristol property is 1.4km from the main campus of the University of Bristol which has a student population of about 27,000. The property is also a five-minute drive from Bristol’s city centre and Broadmead, the main shopping district.
The six-storey building was completed in August 2020 and it can accommodate 44 studios and 181 en suite bedrooms. It also features 1,025 sq ft of communal space, a dedicated reception, a landscaped internal courtyard, onsite laundry, and 64 secure bicycle parking lots. The entire student accommodation is fully occupied.