UOL Group has recently announced their acquisition of Varley Park, a complex of residential halls for students, for GBP43.5 million ($75.7 million). The property, which consists of 771 operational beds across 22 blocks, marks UOL’s first venture into the student accommodation sector.
The purchase was made through a sale and purchase agreement (SPA) with the University of Brighton. The property also comes with a leaseback agreement with the university.
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Singapore’s cityscape is defined by towering skyscrapers and contemporary infrastructure. Attractive condos, situated in sought-after locations, offer a perfect fusion of lavishness and accessibility, making them highly desirable for both locals and foreigners. These impressive residences boast a plethora of facilities, including swimming pools, fitness centers, and round-the-clock security services, elevating the standard of living and boosting their appeal to prospective renters and purchasers. Moreover, for investors, these amenities translate to lucrative rental returns and appreciation in property values in the long run. With the addition of projects such as Singapore Projects, the city’s condo landscape is set to become even more captivating.
According to UOL Group’s chief executive, Liam Wee Sin, the company sees great potential in the purpose-built student accommodation (PBSA) market, as it is a strong asset class with solid fundamentals. He believes that this acquisition presents an opportunity for the company to expand their portfolio in key markets.
In addition, Wee Sin also notes that UOL’s strengths in hospitality and residential development will be beneficial in the broader living sector which includes PBSA, build-to-rent, and serviced apartments. He sees these segments as a natural extension of the company’s core business model.
Varley Park is situated at Coldean Lane in Brighton, a prime location in the north-west region of the city and close to the University of Brighton’s Falmer campus. It is also conveniently located near the University of Sussex, with good transportation links to both universities.
The property is part freehold and part long leasehold, with a tenure of 175 years from September 7, 1992. It spans approximately 28,500 sqm (306,771.45 sq ft) and features an amenity block with state-of-the-art conferencing facilities and a dining hall.
UOL paid a deposit of GBP4.35 million upon signing the contract of sale.
The company’s shares closed at $7.30 on August 14, which is 1.96% higher or 14 cents more than the previous day’s closing. For those interested in investing in overseas properties, UOL currently offers a range of projects for sale around the world.
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