UOL Group has recently completed the purchase of Varley Park, a student residential complex, for GBP43.5 million ($75.7 million). This acquisition marks the company’s entry into the student accommodation sector, with the property consisting of 771 operational beds across 22 blocks.
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The purchase was made through a sale and purchase agreement (SPA) with the University of Brighton, which also includes a leaseback agreement with the university. According to UOL Group’s CEO Liam Wee Sin, this move reflects the company’s belief in the potential of the purpose-built student accommodation (PBSA) segment. He also sees this as a chance to expand their portfolio in key markets.
In addition, UOL Group plans to leverage their strengths in hospitality and residential development in the broader living sector, which includes PBSA, build-to-rent, and serviced apartments. This is seen as a natural extension of their core business model.
Located at Coldean Lane in Brighton, Varley Park is in close proximity to the University of Brighton’s Falmer campus and the University of Sussex. It also has convenient transportation links to both universities. The property is a combination of freehold and long leasehold, with a lease of 175 years from Sept 7, 1992. Spanning approximately 28,500 sqm (306,771.45 sq ft), it includes a modern amenity block with conferencing facilities and a dining hall.
Upon the signing of the contract of sale, a deposit of GBP4.35 million was paid. UOL Group’s shares closed 14 cents higher or 1.96% up at $7.30 on Aug 14. For those looking to invest in overseas properties, explore the range of projects available for sale around the world. The company has also recently made headlines with the successful sale of Watten House, which is currently 74% sold since its official launch on March 2, and their potential $1 billion divestment with the help of partners, according to JP Morgan. With Watten House offering tranquility on the hill, it is no surprise that UOL Group continues to attract attention and success in the real estate market.