MANCHESTER, UK-Development Securities PLC has purchased a student accommodation called Ladybarn House in Manchester for GBP 7 million to yield 6.25%. The company has purchased the property from Manchester University on a long-term lease via Accrue Manchester LP, a joint venture between Development Securities and Accrue Student Housing. The Cooperative Bank has offered senior debt of GBP 4.5 million for the deal.
After the completion of planned renovation works on Ladybarn House by Accrue Manchester, the yield is expected to rise over 8%. For the full story, go to PropertyMall .
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