SPH buys 284-bed student dorms in Germany for $23.3m

The property is located in Bremen University which houses a population of 19,000 students.

Singapore Press Holdings (SPH) announced that it has entered into an asset purchase agreement with Liberty Living, a subsidiary of Straits Nine, to acquire a Purpose-Built Student Accommodation (PBSA) asset in Bremen, Germany for $23.3m (€15.56m).

As United Kingdom stood as a key focus for SPH’s investments, the purchase in Germany marks the official diversification of the company beyond the UK.

The freehold asset, Galileo Residenz, comprises of 284 beds and is located on the University of Bremen Campus, which has a student population of over 19,000, accounting for approximately 60% of the total number of students in Bremen.

Galileo Residenz has achieved near-full occupancy over the past nine years.