Abrdn’s ASPER enters student sector with £36m Cardiff deal
Abrdn has bought a 355-bed student development in Cardiff for £36m.
The Fitzalan building was sold by the joint venture between McLaren Property and PMG Group to Abrdn’s pan-European residential investment fund, ASPER.
The Fitzalan was converted from offices in 2017 and provides 271 studios and 42 two-bedroom flats, as well as a shop on the ground floor. Communal areas include a gym, cinema room, communal study rooms and laundry, as well as a landscaped garden with barbecues and table-tennis tables.
Abrdn has bought a 355-bed student development in Cardiff for £36m.
The Fitzalan building was sold by the joint venture between McLaren Property and PMG Group to Abrdn’s pan-European residential investment fund, ASPER.
The Fitzalan was converted from offices in 2017 and provides 271 studios and 42 two-bedroom flats, as well as a shop on the ground floor. Communal areas include a gym, cinema room, communal study rooms and laundry, as well as a landscaped garden with barbecues and table-tennis tables.
The Fitzalan marks ASPER’s entry into the UK student sector.
Abrdn fund manager Robert McDonnell said: “This transaction represents a strong addition to our portfolio, providing the fund with an income-producing asset and one of the best-located schemes in Cardiff. The property appeals to a wide range of occupiers, including international students, which illustrates the quality of the amenity space and accessibility to nearby campuses of both the University of Cardiff and the University of South Wales.
“Following this transaction, ASPER will continue to actively seek build-to-rent and student accommodation opportunities in both the UK and Ireland.”
McLaren chief executive John Gatley said: “The success of the Fitzalan highlights that well-located and well-specified purpose-built accommodation remains in high demand among both students and investors. We continue to build our development pipeline on the strength of the market.”
McLaren is currently marketing three further operational student accommodation assets, in Southampton, Dundee and Edinburgh, all of which are 100% occupied. It also has a pipeline of 3,000 student bedrooms across the UK.
Cushman & Wakefield acted on behalf of ASPER and MTRE acted on behalf of McLaren Property.
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Photo courtesy of FTI Consulting
