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St Modwen completes sale of Swansea Uni accommodation
St. Modwen on Friday said it had completed the sale of its leasehold interest in student accommodation at Swansea University Bay Campus for £87.3m to University Partnerships Programme.
The assets that have been sold comprise St. Modwen's interests in the completed student accommodation buildings, including ancillary commercial leases. The sale is by way of a disposal of the entire issued share capital of St. Modwen Properties VIII S.à.r.l. and St. Modwen (SAC 2) Limited and certain freehold interest, the company said.
The disposal follows a competitive sales process and was broadly in line with book value, St Modwen said. The gross consideration for the 45-year leasehold asset was £139.3m, representing a yield of 5.7%, with a cash consideration of £87.3m reflecting the transfer of the associated finance lease creditor.
The disposal will result in the reduction of £5.8m of net rental income compared to 2017, offset by the reduction of £2.1m in finance lease interest due to the sale.
The assets that have been sold comprise St. Modwen's interests in the completed student accommodation buildings, including ancillary commercial leases. The sale is by way of a disposal of the entire issued share capital of St. Modwen Properties VIII S.à.r.l. and St. Modwen (SAC 2) Limited and certain freehold interest, the company said.
The disposal follows a competitive sales process and was broadly in line with book value, St Modwen said. The gross consideration for the 45-year leasehold asset was £139.3m, representing a yield of 5.7%, with a cash consideration of £87.3m reflecting the transfer of the associated finance lease creditor.
The disposal will result in the reduction of £5.8m of net rental income compared to 2017, offset by the reduction of £2.1m in finance lease interest due to the sale.
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