The Cottages of Boone. Photo by Mapletree
Mapletree sells US student housing asset
The property serves Appalachian State University in the town of Boone.
Mapletree Investments has sold an 894-bed student housing property in Boone, North Carolina, United States for an undisclosed sum.
Temasek-backed Mapletree divested The Cottages of Boone from its Mapletree Global Student Accommodation Private Trust as part of a long-term goal to drive value and maximize returns to investors, according to an announcement on Thursday.
The property is situated off North Carolina Highway 105 and services students of the Appalachian State University. It features a range of amenities such as a fitness center, yoga studio, dry sauna, steam room, library, and conference rooms.
The deal was completed on 7 June. Financial details of the transaction were not disclosed.
The divestment came after Mapletree booked a net loss of $577.2m in FY23/24.
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