Mapletree Investments has sold a student housing called The Cottages of Boone. The transacted amount and buyer was not disclosed.
The Cottages of Boone is a 894-bed student housing asset serving Appalachian State University in North Carolina.
It has been held under the Mapletree Global Student Accommodation Private Trust since 2017, a fund managed by Mapletree Real Estate Advisors, as part of Mapletree's bid then to go big into the student housing market.
“This divestment is aligned with the Trust’s overall objective of driving value and maximizing returns to our investors through strategic dispositions," says Matt Walker, CEO of Mapletree's student housing unit.
"This transaction is an excellent outcome for investors and a testament to Mapletree’s ability to consistently deliver business plans and execute this transaction in a challenging environment," he adds.
In April, Mapletree paid GBP1 billion to buy 31 UK student housing properties from associate company Cuscaden Peak.
