Vita Group Completes £165M Deal with Mapletree for Student Accommodation
Demonstrating clear confidence in the UK PBSA market and the Vita Student brand, Singapore’s leading development, investment, capital, and property management company – Mapletree Investments Pte Ltd (Mapletree), has agreed a deal exceeding £165M to purchase four Vita Student residences from Vita Group, the industry leading development and operating platform reimagining city living.
The portfolio split across four sites and totalling 917 beds includes prominent Vita Student assets which have delivered consistent high occupancy levels since their inception including Portland Crescent in Leeds, Station Street in Nottingham, Zed Alley in Bristol, and Portland House in Exeter.
Vita Group will continue to manage operations for the four sites operating under the Vita Student brand.
The deal will enable Vita Group to continue to develop its platform, with new brands launching and a robust pipeline of projects outlined for the next five years.
Legal advisors CMS and Shoosmiths together with financial adviser PWC acted on behalf of Vita Group whilst Mapletree was advised by Baker McKenzie for legal work, EY for finance and tax and Paragon for technical. Savills Capital Advisors introduced and led the transaction.
Mark Stott, CEO of Vita Group said: “We’re excited to partner strategically with Mapletree, agreeing the sale of four assets. In securing this deal, it provides the business with the capital and the confidence to continue to develop the Vita Group platform to thrive, with an ever-increasing future pipeline of projects.”