Portfolio of Six Purpose-built Student Accommodation

In December 2020, Metro established a purpose-built student accommodation (“PBSA”) fund, Paideia Capital UK Trust (“Trust”) through a newly formed strategic partnership with Lee Kim Tah Holdings Limited and Woh Hup Holdings Pte Ltd, to expand and diversify further in the United Kingdom. Metro and its joint venture partners incorporated Paideia Partners Pte. Ltd. to act as fund manager to grow its fund management arm.

Upon the First Closing of the fund, the Trust acquired its first PBSA seed property in Warwick for a total consideration of £21.5 million (approximately S$38.7 million). In January 2021, the Trust acquired its second asset in Bristol – Dean Street Works, for a total purchase consideration of £30.1 million (approximately S$54.8 million).

In May 2022, the Trust legally completed its acquisition of four PBSA properties in Durham, Exeter, Glasgow and Kingston for a total consideration of £74.4 million (approximately S$119.0 million). The total portfolio of six PBSA properties was valued at £135.5 million (approximately S$222.8 million) and achieved a committed occupancy rate of 83.7% as at 31 March 2023.