This article was originally published on Thursday, 14 November 2019 at 8:50 A.M. SGT; it has since been updated with more details.
Singapore Press Holdings’ indirect wholly owned subsidiary Straits Nine has entered a deal to acquire a purpose-built student accommodation (PBSA) property in Bremen, Germany, from Liberty Living (Galileo Residenz) for 15.56 million euros, or around S$23.37 million, the media and property company said Thursday.
The property, called Galileo Residencz, has 284 beds and is located on the University of Breman Campus, which has a student population of more than 19,000, marking around 60 percent of Bremen’s student population, SPH said in a filing to SGX.
The property has had near-full occupancy over the past nine years, SPH said.
“We continue to seek high quality, cash-yielding assets for our PBSA portfolio and grow recurring income. This investment, our fifth since last year, is the first beyond the U.K. as we diversify our PBSA portfolio geographically,” Ng Yat Chung, CEO of SPH, said in the statement.
Germany has one of the largest student populations in Europe, with total student numbers there rising by more than 30 percent over the past 10 years to 2.87 million in the 2018/2019 period, the filing said.
The deal expands SPH’s PBSA portfolio to 5,343 beds across 11 cities in the U.K. and Germany, the filing said.