Singapore Press Holdings Ltd. purchased a 2,383-bed portfolio of student accommodation properties in the U.K. under a £448 million agreement.

The consideration for the acquisition comprises an initial cash consideration of £411 million and another £37 million for estimated construction costs, which will be paid until the completion of the targeted properties that are still under development.

The transaction, which will be carried out through Singapore Press' Straits Ten Pte. Ltd. subsidiary, will increase the company's assets under management to S$1.5 billion, according to a Dec. 23 news release.

The portfolio was placed on the market in August by Student Castle Ltd. The development properties are located in Oxford and Brighton, and the five stabilized assets are in York, Bath, Cambridge, Edinburgh and Durham, Property Week reported. The development projects are expected to be operational in 2020, according to the report.

As of Dec. 20, US$1 was equivalent to S$1.36.