Summary:
- Far East Orchard, through its joint venture company (JVCo), has acquired a freehold development site at 325 Borough High Street, Southwark, London, for GBP60 million ($102 million). The group intends to develop the site into a 444-bed purpose-built student accommodation (PBSA), targeted for completion by 2029.
- Far East Orchard’s subsidiary, Borough High Street Development Limited and LDC (Portfolio) Limited entered into a sale and purchase agreement (SPA) on Sept 24.
- Far East UK Student Accommodation Development Fund (FESAD), Far East Orchard’s UK PBSA development fund, holds an 85% interest in Borough High Street Development Limited through Far East PBSA Venture I Pte. Ltd. (FEPV).
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