Mutual Finance has sold the Livin Cardiff purpose-built student accommodation (PBSA) scheme in Cardiff city centre to an institutional investor advised by Kimmre for £13m.
The scheme comprises 136 student bedrooms arranged as 134 studios and two two-bedroom apartments, in addition to a gym, games rooms and private dining area.
The scheme became operational in the 2017/18 academic year and is fully let for the 2023/24 academic year.
Raed Hanna, managing director of Mutual Finance, said: “This asset has been part of my client’s portfolio for several years, and has proved an excellent investment during that time, providing strong returns. When the time came to dispose of the asset, Knight Frank quickly sought a buyer for the site, and we are delighted with the outcome.”
George Tincknell, an associate in the student property team at Knight Frank, added: “This opportunity was a unique chance for investors to acquire a centrally located, competitively priced and well-specified student scheme. Due to Livin Cardiff’s extremely strong occupancy track record, it was popular with a wide range of investors seeking instant income. We are delighted to have brokered the deal between our client and the purchaser.”
Knight Frank and Lewis & Partners acted for clients of Mutual Finance. Kimmre represented the purchaser.
