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Unite Students selling 14-property portfolio to Singapore Press for £180.5M

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Unite Students selling 14-property portfolio to Singapore Press for £180.5M

Unite Group PLC's Unite Students Ltd exchanged unconditional contracts for the sale of 14 properties in the U.K. for £180.5 million, of which Unite Students' share is £84.7 million.

The buyer is Singapore Press Holdings.

The deal, which reflects a net initial yield of 6.3%, is expected to close later in September. The portfolio was placed on the market with a guide price of roughly £200 million in March, and Singapore Press was reported to be in the running to acquire it in June.

The portfolio totals 3,436 beds. The properties are located in Plymouth, Huddersfield, Sheffield, Birmingham, Bristol and London.

Following the sale, the student accommodation developer will no longer have a presence in Plymouth or Huddersfield.