The UBS Triton Property Fund (UBS Triton) has acquired a West London student accommodation development for £31.5 million.
Orient House, a 58,000-sqare foot development in Fulham, has 184 bedrooms, with the purchase price representing £171,000 per bed.
The fund, belonging to the UBS Asset Management Real Estate & Private Markets (REMP) business, acquired the building from Imperial College London. It will now be managed by Universal Student Living, which will continue to target students across London.
The property offers 173 en-suite bedrooms, 11 studio apartments and two common areas arranged over seven floors.
Located in Zone 2 and adjacent to Imperial Wharf Overground, the property is close to Chelsea, an area where, according to UBS, purpose-built student accommodation is sparse and tenant demand high.
Orient House is the fourth student accommodation acquisition by UBS Triton, following developments in Newcastle, Durham and Belfast. UBS Triton now has an 800-bedroom portfolio in the sector.
UBS Triton’s total portfolio now consists of 32 assets, focusing primarily on the office, industrial and retail warehousing space.
Howard Meaney, head of real estate UK for UBS Triton, said: “London universities have over 250,000 full-time students, almost 70 percent of which are unable to access university or private sector accommodation. This demographic creates a demand profile which, combined with a lack of supply of direct-let purpose-built student accommodation, makes Orient House an exciting acquisition for UBS Triton, in line with its investment criteria and returns profile.”
He added: “Now with an 800-bed student accommodation portfolio, the fund has built up a meaningful expertise of this sector, enabling us to effectively manage our assets and ensure their value is maximised.”
Tudor Toone and Lawson & Partners advised UBS Triton, while the Imperial College London was advised by Knight Frank.