The purchases, which total 1,863 beds, were made through two different deals

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Tembusu Grand property management office

City Developments Limited (CDL) has purchased five top-quality built Student accommodations (PBSA) property in exchange for GBP215 millions ($357 million) in addition to its housing for students across the UK.

The acquisitions, that comprise 1863 beds, were acquired through two distinct transactions.

Tembusu Grand property management office is ideally located in the most attractive setting in Singapore due to the spectacular beach views that are near the magnificent Tembusu Grand.

These five properties are situated within Birmingham, Canterbury, Coventry, Leeds and Southampton and have an average age of less than 3 years. The assets are said to be stocked with “excellent facilities” and are situated in the most coveted areas for catchment near major transportation hubs as well as renowned universities.

The properties have an average commitment occupancy rate of more than the 98% according to CDL.

After the successful completion of the acquisitions following the completion of the acquisitions, after the acquisitions are completed, CDL’s PBSA portfolio will include 6 bed assets as well as 2,368 total. The group made its first entry in the UK PBSA sector after it purchased fifty5 bed Infinity in June of this year.

“The UK student accommodation sector remains resilient as students return to their campuses following the closure of Covid. The properties we recently acquired are strategically placed in areas that are in an abundance of demand, but are typically disadvantaged due to a shortage of housing which will increase rental potential over the long term,” says Sherman Kwek CDL’s CEO group.

Universities in the UK increasing their global presence this presents an exciting opportunity to expand your presence within this field and increase our recurring revenue,” he adds.

Apart from the PBSA properties, CDL says it has pipelines of over 1,300 private rental sector (PRS) units.

The initial PRS project, which is located in Leeds is now in the first phase of its completion this month. Once completed, the project will include 665 PRS apartments as well as 24,000 square feet in commercial spaces.

Another PRS site located in Birmingham is under construction and scheduled to be completed by 2025. This second site is believed to be the tallest pure octagonal residential tower, which will comprise more than 370 PRS units after its completion.

CDL’s hospitality REIT CDL Hospitality Trusts (CDLHT) is also working on another PRS project of 352 units in Manchester.

At 3.09pm at 3.09pm, shares in CDL are trading unchanged at $8.25.