Vita Group has agreed to sell three UK student housing properties for around £300 million to Savills Investment Management.
The student properties are in Cannon Park, Warwick, Iona Street, Edinburgh and Bruce Street, Belfast.
The 1,340-bed transaction is one of the largest UK purpose-built student accommodation (PBSA) deals this year. Vita Student will continue to operate the assets on behalf of Savills Investment Management.
Ioannis Verdelis, Chief Investment Officer for Vita Group says, “The UK’s purpose-built student accommodation market continues to be an exciting and resilient asset class for investors as demand from students for high-quality PBSA continues to outstrip supply, creating an attractive proposition for any investor.
“We look forward to building on our relationship with Savills Investment Management as we deliver Vita Student’s class-leading brand experience for our residents across their buildings.”
Adrian Martin, Director at Savills Investment Management says, “This strategic acquisition underscores our conviction for the long term resilience of the PBSA sector in the UK. The acquired assets are examples of best-in-class buildings, and Vita is an operator with a compelling reputation.”
