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). The property is newly constructed and situated one mile north of the main campus of the University of Warwick, with approximately 22,000 fulltime students and a committed occupancy of 90%. 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). This asset was completed in August 2020 with 100% committed occupancy. It is located 1.4 km from the main campus of the University of Bristol with approximately 27,000 students, and is a five minute drive from Bristol’s city centre and main shopping district Broadmead.