Blackrock has acquired two student housing developments for its UK Property Fund.
Blackrock has acquired two student housing developments for its UK Property Fund.
The two properties, located at Alma Road in Coventry and Aston Webb Boulevard in Birmingham were sold by the Coral Student Portfolio, advised by CBRE.
The investment volume came to £50 mln (€59 mln). Coral, a fund that invests in student accommodation funds and joint ventures, said the sales will result in a 'significant equity return, even after the repayment of debt'.
The Coventry and Birmingham schemes comprise 405 and 434 student accommodation beds respectively. The sale follows on from Coral’s initial investment in the developments less than 18 months ago, and both schemes are already fully occupied.
