Mapletree Investments has announced the acquisition of 8,192 operational beds across 19 cities in the UK and Germany, as well as an operating platform from Cuscaden Peak Investments.
The GBP1 billion ($1.7 billion) acquisition brings the overall bed count within Mapletree’s UK portfolio to over 17,000, solidifying Mapletree’s position as one of the largest owners of student housing assets in the UK.
The portfolio comprises a range of student accommodation properties that offer extensive amenities and convenient access to universities. These assets are strategically located in key university cities in the UK such as Bristol, Cambridge, Durham, Edinburgh, Oxford and York, as well as Bremen in Germany.
Meanwhile, the newly acquired operating platform manages two brands, namely Student Castle and Capitol Students. This will provide Mapletree with direct operational control of the acquired portfolio, enhancing its operational capabilities.
In 2023, the operating platform was certified “Platinum” by Global Student Living, demonstrating its operational excellence and ability to achieve high levels of resident satisfaction and wellbeing, says Mapletree.
Mapletree says the properties will complement the existing student housing assets which are already owned by the group.
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The acquisition brings Mapletree’s overall student housing portfolio to a total of 33,000 beds across 47 cities in the UK, the US, Germany and Canada, with total assets under management (AUM) of $6.2 billion.
Hiew Yoon Khong, group CEO of Mapletree, says the acquisition is part of Mapletree’s strategy to grow the student accommodation sector in the UK, the US, Europe and Australia, which remain underserved by quality student housing assets.
“The student housing sector is one of the group’s core real estate focus areas due to its fundamental demand-supply imbalance and defensive characteristics. We will capitalise on the newly acquired operating platform to support our strategic vision of growing as well as enhancing our operational performance in the UK,” says Hiew.
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Mapletree says it will continue to invest in the student housing asset class while leveraging its development capabilities to undertake greenfield and brownfield development projects to grow its student housing portfolio.
As at March 31, Mapletree owns and manages $77.4 billion of office, retail, logistics, industrial, data centre, residential and student accommodation properties.
