Vita sells in Liverpool
Cheshire-based Vita Student has sold a student accommodation portfolio to Ground Rents Income Fund for £7.1m, with three of the assets located in Liverpool.
GRIF acquired six buildings, including The Chapel at 3 Crosshall Street in Liverpool with a total 68 units, 5-7 Crosshall Street with 158 units and Tinlings at 9-11 Crosshall Street at 132 units.
The portfolio is a mix of freehold and long-leasehold interests. The three other buildings are located in Bristol, Exeter and Southampton.
The total ground rent income for the assets is £296,800 a year, a yield of 4.17%.
Student accommodation provider Vita Student is based in Alderley Edge, and is part of Select Property.
James Agar, investment director of Brooks Macdonald Funds, investment adviser to GRIF, said: "Student accommodation continues to be an attractive sector to both UK and international investors and Vita has leveraged its long-term international client relationships in order to facilitate this market opportunity. The high-quality nature of each development is very attractive and the brand offering will continue to generate stable returns for underlying unit owners.
