UK-focused investment manager Apache Capital has sold Cumberland Place to City Developments Limited, a Singaporebased investor and developer for over €35 million, representing an exit yield of 4.81% and exceeding the target sale price.
Completed in 2018, the high quality student housing development is situated in the heart of Southampton and is Apache Capital's last purpose-built student accommodation scheme. The property, which is fully let and has achieved 100% occupancy year-on-year, comprises 206 direct-let student beds arranged over 12 storeys. Apache Capital had previously sold its student accommodation assets in Cambridge and central London to Cambridge City Council and a Greystar-led joint venture respectively, with both transactions setting new sector benchmarks for exit yields.
The 4.81% exit yield for Cumberland Place is believed to be a new record for the Southampton market. Now fully divested from purpose-built student accommodation, Apache Capital will focus on delivering the remainder of its £4.1 billion build-to-rent (BTR) portfolio.
Source: https://propertyeu.info/Nieuws/Apache-sells-remaining-student-digs-asset-for-35m/b5005b67-203e-446e-ba7f-14279f6eba11, on 6.12.2022