Far East Orchard acquires student accommodation property in London for $22.9m

The acquisition is slated for completion in April 2023.

Far East Orchard Limited (Far East Orchard) acquired Emily Davies, a 180-bed freehold student accommodation property in Southampton, London for $22.9m (£13.9m).

The acquisition –-  slated for completion in April 2023 –- will increase Far East Orchard’s total number of beds in the United Kingdom (UK) to more than 4,400, bringing the company closer to its 5,000 target by 2025.

“The acquisition is in line with the Group’s intent to grow our student accommodation portfolio as we continue to build our lodging portfolio to increase recurring and stabilised income. With the addition of Emily Davies, the near 100% occupancy rate of our overall portfolio for the current academic year 2022/23 underscores the resiliency of the UK student accommodation sector against the current economic backdrop,” Group CEO of Far East Orchard, Alan Tang, said.

In 2021, the property underwent a refurbishment to add an amenity block which includes facilities such as a gym, cinema room, games room, large open study space, and a private dining room.

 Emily Davies is also within walking distance of three Solent University campuses and adjacent to the Southampton Central Railway Station, which connects to London within 90 minutes.