Far East Orchard moves into student housing with acquisition of UK properties
Far East Orchard has acquired a portfolio of student accommodation properties within Shieldfield, Newcastle upon Tyne, England for £40.9 million (S$83 million) to extend and diversify the reach of its overseas property portfolio in Europe.
The freehold properties comprise two land sites for development into purpose-built student accommodation, an existing student accommodation, and another student accommodation undergoing development which is expected to be completed in the second half of this year.
“This move represents several milestones to develop our position as a leading regional real estate player,” said FE Orchard group chief executive and managing director Lui Chong Chee in a statement …