A trio of Singaporean investors has completed the purchase of four UK student housing assets as it builds a portfolio in the sector in spite of the volatility in financial and property markets.

Metro Holdings has bought four student accommodation assets in Exeter, Durham, Glasgow and Kingston for £74M, Mingtiandi reported. The portfolio comprises 467 beds and is 99% occupied, Metro said.

The purchase is part of a joint venture with fellow Singaporean investors Lee Kim Tah Holdings and Woh Hup Holdings. In the past two years it bought a £22M asset in Warwick and a £30M asset in Bristol, taking its total investment in the sector to £126M, with scope to buy more. This deal was first agreed upon in the summer.

“The completion of these four acquisitions during this volatile period is testament to the capability of the joint venture partners,” Metro chief executive Yip Hoong Mun said. “These acquisitions mark Metro’s continued strategic partnership with Lee Kim Tah Holdings and Woh Hup Holdings to further diversify for resilience in the UK.”

Experts at Bisnow’s student accommodation event this month said income from student accommodation is likely to prove resilient in the face of any upcoming recession, although yields would inevitably move out because of the rise in interest rates.