Moorfield Real Estate Fund II (MREFII) has sold its premium student apartment scheme, The Printworks in Exeter to the BlackRock UK Property Fund for £40 mln (approx € 50 mln).
The Printworks offers a mix of 492 studio and multi-bedroom/cluster apartments with extensive communal facilities. The scheme is centrally located in close proximity to Exeter University’s campus and is one of the largest private purpose built schemes in the city.
MREFII purchased the former printing site in 2011 and having secured planning consent for the change of use, developed The Printworks with its opening in 2013 when 100% occupancy was achieved.
Commenting on the disposal on behalf of MREFII, Charles Ferguson Davie, Chief Investment Officer of Moorfield, said: “We identified the student market in Exeter as having attractive supply and demand dynamics and we are proud to have developed such a successful scheme that is so popular with the students. We had expected to hold the investment for longer but the off market approach from BlackRock resulted in an early realisation of our business plan. Moorfield have now developed and operated some 5,000 student beds and we will continue to look for investment opportunities in the sector as well as using our experience to target the private rented sector (PRS).”
Paul Tebbit, Director of the BlackRock UK Property Fund commented “This prime asset has a strong letting track record and is the dominant scheme in the local market. In the last 12 months we have significantly added to our student accommodation portfolio, purchasing over £100m (approx € 125 mln) of student accommodation investments, and we believe that acquiring this best-in-class scheme will enhance returns for our clients.”
Source: Moorfield Group