Deutsche Finance International (“DFI”), the London based pan-European private equity real estate investor specialising in operational real estate, announces the sale of Canterbury Student Manor in an off-market transaction to a private investor.
This disposal is the first exit for DFI’s inaugural fund, DFI European Value Add Fund (“DFI EVAF” or the “Fund”), which closed in July this year with €436 million of equity, including co-investment. On behalf of DFI EVAF and its co-investors, DFI has already assembled a portfolio, totalling approximately €1 billion in value, that includes London’s Olympia Exhibition Centre and which is diversified across five European markets.
Since acquiring Canterbury Student Manor in 2017, DFI has undertaken a programme of active asset management to increase occupancy from 79% to 100%, delivering a corresponding uplift in the property’s income profile. This included re-classifying rents, reducing operating cost leakage and focussing on new marketing initiatives while closely working with the property manager. The Fund’s business plan for the asset has been completed two years ahead of schedule, facilitating the sale of the property to a core investor.
Canterbury Student Manor, which was acquired by DFI in an off-market transaction in 2017, is a 386-bed, purpose-built modern student accommodation asset located in Canterbury, in the UK’s south east. The Canterbury market is characterised by an undersupply of modern student housing and the property is located close to both of the city’s main universities: The University of Kent, which has over 19,000 students, and Canterbury Christ Church University, which has a student body of over 16,000.
Source : Company