UK REIT to Transform Scotland Asset into Student Housing by September 2027

• Elite UK Real Estate Investment Trust has secured planning approval to convert Lindsay House, a freehold former government building in Dundee’s Central Business District, into a 168-bed purpose-built student accommodation (PBSA) facility, targeting completion by September 2027.
• The redevelopment addresses a significant supply gap in Dundee’s student housing market, where the combined student population of the University of Dundee and Abertay University exceeds 16,000, but existing PBSA bed capacity stands at only 4,620, resulting in a high student-to-bed ratio of 3.5 times.
• With an estimated gross development value of £24 million, an 18% return on investment, and a yield on cost above 7%, the project will diversify Elite UK Reit’s portfolio into resilient, non-discretionary sectors and convert a vacant property into a long-term income-generating asset.

https://www.businesstimes.com.sg/companies-markets/elite-uk-reit-convert-scotland-property-student-housing-september-2027