CDL Hospitality Trusts Acquiring Student Accommodation in UK

MT Newswires12-20

CDL Hospitality Trusts (SGX:J85) entered into an asset purchase agreement through indirect wholly-owned subsidiaries, CDL HREIT Investments Property and CDL HBT Investments Property, to acquire a freehold land comprising a purpose-built student accommodation and an adjacent vacant land.

The properties will be acquired from NR Crux and NR Lyra at a purchase price of 37.3 million pounds sterling, according to a filing with the Singapore Exchange on Thursday.

The freehold property is located in Liverpool with the student accommodation comprising of 404 beds, currently being managed by Fresh Property Management.

The vacant land has a planning consent for a 144-key hotel.

The acquisition of the freehold land is part of the trust's strategy to diversify its portfolio in UK and to generate stable income.

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