7th Oct 2019 07:52
(Alliance News) - Student accommodation developer Unite Group PLC said Monday it has sold two properties in Coventry to Mapletree Investments Pte Ltd for GBP96 million.
Mapletree Investments is a real estate investment firm headquartered in Singapore.
The properties sold are the 736-bed Callice Court, and 391-bed Millennium View.
The disposal falls in line with Unite's strategy to recycle capital through sales, which will be re-invested into its development pipeline.
FTSE 250-listed Unite said it plans to dispose of GBP150 million to GBP200 million in assets per annum over the next three years.
"This transaction takes Unite's share of disposals in the year to date to GBP250 million and supports our ongoing strategy of recycling assets to enhance our portfolio quality and maintain financial discipline," said Chief Executive Richard Smith.
By Dayo Laniyan; [email protected]
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