In February 2014, the Group diversified into the Student Accommodation Business with its maiden acquisition of RMIT Village, a student accommodation with 456 beds located in Melbourne, Australia. The Group further scaled up its Student Accommodation portfolio with the acquisition of three student accommodation assets in Manchester and one in Liverpool, with a total of 1,901 beds, in the United Kingdom in September 2014. In May 2015, we won a tender to operate our first student accommodation in Singapore. CSL Selegie started to welcome students in October 2015. In July 2016, The Group completed the acquisition of four student accommodation assets with a total of 519 beds in Manchester, Bristol and New Castle.
Besides enhancing and redeveloping these assets, the Group plans to explore more student accommodation opportunities in Australia and other key educational hubs. The Group’s student accommodation assets are managed under the ‘dwell’ brand.
The Group will continue to explore further opportunities for this new area of growth.