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£137m nationwide deal acquires student rooms in Preston

Posted on - 18th July, 2014 - 12:00pm | Author - | Posted in - Business, News, Preston City Centre

Leighton Hall

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The Unite UK Student Accommodation Fund (USAF) has bought almost 3000 rooms from Cordea Savills Student Hall Fund, a private student accommodation fund. 

The group has acquired a 2,904 bed student accommodation portfolio for £137 million. They now have 24,577 beds in 68 properties across 22 UK towns and cities.

Their portfolio includes smaller assets in Preston which will continue to be operated by a third party manager and are likely to be sold in due course. It is believed Leighton Hall in Leighton Street, used by UCLan students, is one of the assets. 

USAF are also looking at student buildings in Bath, Birmingham, Leeds, Bristol, Edinburgh, Loughborough and Portsmouth. 

Mark Allan, chief executive of Unite Students, which is headquartered in Bristol, said: “We are delighted that USAF has been able to complete this important acquisition from Cordea Savills. The combination of Unite’s existing operational presence across the country, USAF’s financial capacity and the group’s position as lessee on two highly reversionary assets means that a combination of Unite and USAF is uniquely well placed to unlock the potential of an excellent regional portfolio.”

USAF is an open-ended non-listed real estate fund that focuses on acquiring and operating high quality student accommodation in the UK.

Established in 2006, they are the largest specialist student accommodation fund.

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