Singapore Press Holdings agreed to buy a student accommodation portfolio for £180 million, marking its U.K. real estate debut, Property Week reported.
The 13-building Mayflower portfolio is being acquired from Unite Group PLC, with a total of roughly 3,500 affordable student beds. The portfolio was placed on the market in March with a guide price of roughly £200 million.
The portfolio spans six towns and cities including London, Huddersfield, Plymouth and Sheffield, the report noted.
Citing a company update, the report noted that Singapore Press Holdings, or SPH, was looking to diversify its business via investments in "recession-proof sectors," noting that there are opportunities in the U.K. due to the weak pound after Brexit vote. SPH formed Straits Capitol, an asset management company, to review U.K. real estate opportunities.