Trinova Real Estate acquires first property for its Student Investment Club

Trinova Real Estate has completed the acquisition of Mary Morris House, Leeds in an off-market acquisition from clients of LaSalle Investment Management. The operating asset comprises a recently refurbished purpose built mansion block of student accommodation with 247 cluster rooms. The property combines both direct lets and a nominations agreement and is well located within Headingly, close to Leeds University and the primary student amenity areas. The purchase price of £13.8m reflects an initial yield of 6% on current operating income and £55,000 per room. The income is well positioned for growth following the high quality refurbishment undertaken by the seller.

Winston Luk, Associate Director says: “Having spent a long time analysing the UK Student Accommodation sector and looking at various opportunities across major University cities, we are thrilled to have completed the acquisition of our first asset for this Club. It offers attractive property level fundamentals as well as good potential for growth. We look forward to building the portfolio with similar profile assets across the UK.”