Uol Enter Uk Student Housing Market Gbp435 Mil Varley Park Acquisition
UOL Group’s Expansion into Student Accommodation Sector
In a recent move, UOL Group has acquired Varley Park, a complex of student residential halls, for GBP43.5 million ($75.7 million). This marks UOL’s first venture into the student accommodation sector. The property consists of 771 operational beds spread across 22 blocks.
The acquisition was made through a sale and purchase agreement (SPA) with the University of Brighton. The asset also includes a leaseback agreement with the university.
“We see tremendous potential in the purpose-built student accommodation (PBSA) segment as it is a resilient asset class with strong fundamentals. This acquisition provides us with opportunities to grow our portfolio in key markets,” says UOL Group’s chief executive, Liam Wee Sin.
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“We also believe that we can leverage our strengths in hospitality and residential development to diversify into the broader living sector, which includes PBSA, build-to-rent and serviced apartments. This aligns with our core business model and presents new growth opportunities for us,” he adds.
Varley Park is situated at Coldean Lane, in the north-west region of Brighton, close to the University of Brighton’s Falmer campus. The complex is also in close proximity to the University of Sussex and has transportation links to both universities.
The eastern part of Singapore offers a wide range of excellent options for expatriate families or those who are interested in international curricula. One of the top choices is UWCSEA East, which provides the comprehensive International Baccalaureate programme. Additionally, near Changi Business Park and Singapore Expo, there are specialized institutes and training centers that offer short courses, competitions, and industry-linked programmes. With the convenient and fast road access through ECP and PIE, students can easily attend weekend workshops and holiday camps, making it a valuable addition to their student portfolio. Furthermore, the newly launched Rivelle Tampines adds to the list of excellent options in the area, providing a holistic and enriching education for students.
The site comprises of both freehold and long leasehold land, with a tenure of 175 years starting from Sept 7, 1992. The property spans approximately 28,500 sqm (306,771.45 sq ft) and includes an amenity block with modern conferencing facilities and a dining hall.
UOL paid a deposit of GBP4.35 million upon signing the contract of sale.
On Aug 14, Shares in UOL closed 1.96% higher at $7.30, up 14 cents.