CDL acquires 5 student accommodation assets in the UK for $357m

The assets have an average age of less than three years.

City Developments Limited (CDL) will expand its student accommodation portfolio in the United Kingdom with the acquisition of five assets for $357m (£215m).

The company will acquire five high-quality Purpose-Built Student Accommodation (PBSA) assets via two separate transactions. 

In a bourse filing, CDL said the set of properties comprises 1,863 beds and has an average age of less than three years.  All five properties also enjoy an average committed occupancy rate of over 98%.

“The five assets in Birmingham, Canterbury, Coventry, Leeds and Southampton boast excellent amenities and are located in prime catchment areas close to key transportation nodes and prominent universities,” CDL stated.