Far East Orchard to buy Glasgow site for purpose-built student accommodation
FAR East Orchard : O10 0% has entered into an agreement through a subsidiary to buy a plot of land in Glasgow, with the intention to develop it into a 273-bed purpose-built student accommodation by 2026.
Osborne Street Development, which is a partnership between Far East Orchard and Woh Hup Holdings, will purchase the site in central Glasgow, Scotland for £3 million (S$5.1 million), said Far East Orchard on Tuesday (Mar 12).
The acquisition and the £38.9 million development costs will be funded by the partners in proportion to their interest in the limited partnership.
Osborne Street Development has appointed the seller, Nova Osbourne, as the development manager for the purpose-built student accommodation.
The acquisition is the property company’s maiden venture in Scotland.
Completion of the purchase is conditional upon no successful judicial review being received on the planning permission.
SEE ALSO
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
The acquisition is expected to have no material impact on the consolidated net earnings per share and consolidated net tangible assets per share of Far East Orchard.
Shares of Far East Orchard ended flat at S$1.01 on Wednesday, after the announcement was made.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Reits & Property
Dasin Retail Trust trustee-manager chairman, directors deny allegations of misconduct
Keppel Infrastructure Trust posts 29.1% lower Q1 distributable income
Elite Commercial Reit’s Q1 DPU down 21.2% to £0.0067
CapitaLand India Trust to acquire 2.5 million sq ft of IT buildings in Hyderabad
Prosper Cap halts operations at UK hotel after fire breaks out
Upcoming Johor-Singapore SEZ to benefit property developers and Reits in industrial, commercial sectors