Student Digs portfolio sold to Singaporean investor
Metnor Group has built and sold a portfolio of student accommodation properties in Newcastle to one of Singapore’s largest private property developers for more than £40m.
The Killingworth-headquartered property developer acquired the brownfield site in Shieldfield in 2006 and has transformed it into student apartments and retail units.
Metnor Group’s building division, Metnor Construction, completed the first of the four-phase build with a 274-bedroom luxury student accommodation building and two retail units in August 2013.
The second phase, known as Rosedale Court, was completed in August 2015 and is a 338-bedroom accommodation building which includes 4,500 sq ft of retail/commercial space. The building is being managed and operated by specialist student operator South Street Asset Management under its DIGS brand …