RESIDENTIAL PROPERTY | Staff Reporter, Singapore

SPH sees $38.4m revaluation gain on UK student accommodation portfolio

Its portfolio has grown to $576.42m, made up of 5,059 beds across 10 cities.

Singapore Press Holdings (SPH) has recorded a revaluation gain of 6.7% or $38.4m (£22.8m) on its Purpose-Built Student Accommodation (PBSA) portfolio in the UK, an announcement revealed.

The gain comes within a year of SPH’s expansion into the country’s student accommodation sector with an initial $307.46m (£180.5m) investment. On the back of further investments, the portfolio has grown to $576.42m (£338.4m), comprising 5,059 beds across 10 cities in the UK.

Also read: SPH buys UK student dorm portfolio for $237m

SPH stated that Cushman & Wakefield has valued the portfolio at $615.26m (£361.2m) as at 31 August 2019.

The group has been boosting its operational expertise in the sector by expanding its marketing initiatives through a centralised marketing and sales office in China to capitalise on the demand by Chinese students for UK higher education. It has also taken over operations at the property in Lincoln for the upcoming AY19/20 with plans to progressively operate more assets over the course of the year.

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