Property entrepreneur Mark Stott's Vita Group has agreed to sell four student residences sites to a Singapore development, investment, capital and property management company in a £165m deal.
Mapletree Investments Pte Ltd has agreed on a deal to purchase the developments from the Cheshire-based group.
The portfolio is split across four sites in Portland Crescent in Leeds, Station Street in Nottingham, Zed Alley in Bristol, and Portland House in Exeter and totals 917 beds.
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Vita Group will continue to manage operations for the four sites operating under the Vita Student brand.
Mark Stott, CEO of Vita Group, said: "We’re excited to partner strategically with Mapletree, agreeing the sale of four assets. In securing this deal, it provides the business with the capital and the confidence to continue to develop the Vita Group platform to thrive, with an ever-increasing future pipeline of projects."
Mapletree’s deputy chief executive Chua Tiow Chye added: "Our strong foothold in the UK PBSA market has been further strengthened with the new additions to our portfolio.
"Furthermore, the PBSA markets in the UK and United States (US) are expected to recover, with both countries coming out of the worst part of the Covid-19 pandemic trough with high vaccination rates and high student enrolment rates.
"This acquisition also reemphasises our stance that the student accommodation sector is resilient and has strong underlying fundaments, which we expect to deliver solid growth. We will continue to invest in this asset class both in the UK and US and are also exploring other markets."
Savills director Ralph Watson said: "Savills is delighted to have advised the Vita Group on another significant transaction.
"The sale of this excellent portfolio to one of Singapore’s best-known institutional investors reinforces the attractiveness of Vita’s product, service-model and platform capabilities, as well as the continued interest in the UK’s student accommodation sector from investors attracted to both its resilience and future growth prospects."
Legal advisors CMS and Shoosmiths together with financial adviser PWC acted on behalf of Vita Group while Mapletree was advised by Baker McKenzie for legal work, EY for finance and tax and Paragon for technical.
Savills Capital Advisors introduced and led the transaction.
