UOL to acquire Varley Park property in UK for $75.6m (£43.5m)

This marks the group’s entry into the student housing market.

UOL Group Limited (UOL) is purchasing a complex of student residential halls in Varley Park from the University of Brighton in the UK for $75.6m (£43.5 m).

This investment will be the group’s first foray into the student accommodation market.

The property comprises 771 operational beds across 22 blocks. It comes with a leaseback agreement with the university.

Varley Park sits on more than seven acres of land with an amenity block that includes modern conferencing facilities and a dining hall.

“We see strong potential in the Purpose-Built Student Accommodation (PBSA) segment as it is a resilient asset class with strong fundamentals and provides opportunities for us to grow the portfolio in key markets,” UOL Group Chief Executive Liam Wee Sin said.

“We also believe that we are able to leverage our strengths in hospitality and residential development in the broader living sector, comprising PBSA, build-to-rent, and serviced apartments as it is a natural extension of our core business model,” he added.

UOL Group said the acquisition will be financed through a combination of internal resources and external borrowings. It currently owns three other assets in the UK.

$1 = £0.58

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