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Malaysian fund Kumpulan Wang Persaraan has bought a student housing block at 800 Bristol Road, Selly Oak, for £14.6M as Far Eastern investors step up their interest in Birmingham.
KWAP and its partner 90 North Real Estate Partners have acquired the portfolio from Singapore-based IP Investment Management and Maven Capital Partners. In 2015 it was reported as a £10M transaction.
This is the Malaysian fund's first dip into the U.K. student housing market and will provide a "platform for further investment in the rapidly growing sector," CoStar reports.
Long-term income is understood to be the Malaysian fund's principal objective.
The Birmingham block was sold at the equivalent of £141,900 per bed, a net initial yield of 5.69%.
The 103-bed block is fully let for the coming academic year.
Bidwells acted for the vendor with Robert Irving Burns and MacLaren & Partners acting for the buyer.
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