Mapletree Investments Pte Ltd, the real estate business of state investor Temasek Holdings, said on Tuesday it had bought a portfolio of 25 student accommodation assets, comprising 5,500 beds, in the United Kingdom.
The acquisition marks Mapletree’s first investment in student housing.
The company did not disclose the purchase price, but a person familiar with the matter said Mapletree paid 417 million pounds ($594 million).
The source declined to be identified because the person was not authorised to talk to the media.
The Financial Times earlier reported the deal.
Mapletree said in a statement that the properties are located within 12 core university cities in the United Kingdom, including Manchester, Edinburgh, Birmingham and Liverpool. Five assets are in London.
Mapletree’s assets under management are in excess of S$30 billion ($22 billion) and includes office, logistics, industrial, residential, corporate lodging and retail space.