º£½ÇÊÓÆµ

Oops.

Our website is temporarily unavailable in your location.

We are working hard to get it back online.

PRIVACY
Commercial Property

Student apartment blocks sold in deal worth around £300m

The deal has been described as one of the largest of its kind in the º£½ÇÊÓÆµ this year

The Vita Student development in Bruce Street, Belfast(Image: Vita Group)

Three purpose-built student accommodation buildings have been sold in a deal worth around £300m.

Vita Group has agreed to sell Cannon Park in Warwick, Iona Street, Edinburgh and Bruce Street, Belfast, which together include 1,340 beds.

The Cheshire-headquartered group's Vita Student arm will continue to operate the buildings on behalf of Savills Investment Management.

READ MORE: Click here to sign up to the BusinessLive North West newsletter

READ MORE: Billionaire Peter Done on why he and Fred will never move to a tax haven

The deal has been agreed with Savills Investment Management on behalf of an unnamed client.

Ioannis Verdelis, chief investment officer for Vita Group, said: "We're delighted to sign this deal with Savills Investment Management. The º£½ÇÊÓÆµ'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."