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UBS Triton invests in student accommodation in Newcastle
UBS Triton Property Fund has agreed to fund a new student scheme in Newcastle Upon Tyne for a maximum commitment of GBP 16 million.
London, 27 January 2015 – UBS Global Asset Management's flagship UK real estate fund, UBS Triton Property Fund, has recently completed the site acquisition and agreed a development funding agreement with Gilltown to build a 210 bed 'best in class' student accommodation block in Newcastle Upon Tyne for GBP 16 million, reflecting a funding yield of 6.75%.
Located in Clavering Place, adjacent to the main railway station and with direct access to the Quayside area, the scheme will comprise a mixture of clusters, studios and 1- bed apartments along with exceptional amenity space. On completion the accommodation will be 'direct let' to students with Universal Student Living appointed as property manager.
Howard Meaney, Head of Global Real Estate's UK business said: "I am delighted that we have concluded UBS Triton's first transaction in student accommodation. Newcastle is a vibrant university city and we believe Clavering Place will set a new benchmark for student living when it is delivered in 2016."
CBRE acted for UBS and Lawson & Partners acted for the vendor.