Student accommodation specialist Unite Group has sold two properties in Coventry to a Singaporean investor for £96m.
The two assets, Callice Court and Millennium View, comprise a total of 1,127 beds and have been sold to Mapletree Investments.
The transaction price is in line with book value and Unite said it would recycle the capital into its development pipeline. Unite retains a presence in the city through its Gosford Gate and Raglan House properties, both of which benefit from nominations agreements with local universities.
Richard Smith, chief executive of Unite Students, said the company had now disposed of £250m of assets this year and that it intends to sell around £150m to £200m a year over the next three years.
UTG : Unite Group sells two Coventry assets for £96m