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MAPLETREE Investments has divested its student accommodation asset in North Carolina, United States, for an undisclosed amount, it said on Thursday (Jun 20).
The asset was held by Mapletree Global Student Accommodation Private Trust, a fund managed by the group’s wholly owned subsidiary, Mapletree Real Estate Advisors.
The Cottages of Boone, which houses 894 beds, is located off North Carolina Highway 105 near the Appalachian State University. It has three bus stops and its amenities include a fitness centre, a library and conference rooms.
The divestment, which was completed on Jun 7, is in line with the trust’s objective of driving value and maximising returns to its investors through strategic dispositions, said Matt Walker, chief executive of Mapletree’s student housing unit.
The disposal comes after the global real estate giant posted a full-year net loss of S$577.2 million for the financial year ended Mar 31 amid industry headwinds, compared with a S$1.2 billion net profit the year before.
Mapletree said in its earnings report that it aims to take a prudent investment approach, focusing on core sectors – including student housing – in key markets with growth potential, while maintaining active capital management.
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In April, Mapletree Investments acquired 8,192 student housing beds for £1 billion (S$1.7 billion) from Cuscaden Peak Investments.
The acquisition brought Mapletree’s overall student housing portfolio to a total of 33,000 beds across 47 cities in the United Kingdom, United States, Germany and Canada, with total assets under management of S$6.2 billion.
Mapletree Investments is the manager of three real estate investment trusts listed on the Singapore Exchange: Mapletree Logistics Trust, Mapletree Industrial Trust and Mapletree Pan Asia Commercial Trust.
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