A Singapore-based company has completed the purchase of Innovo House – a purpose-built student scheme in Liverpool’s Knowledge Quarter – for an undisclosed fee.
Mount Property Group purchased the land in 2018 and subsequently received approval for the 124-unit scheme, which has now been forward funded by Soilbuild Group Holdings. The project will break ground in May.
It is the first time that Soilbuild has invested in the UK market in the company’s 40-year history. As such, the funding of Innovo House represents a significant milestone for the organisation and a vote of confidence for Liverpool’s student property sector.
Michael Chrysokhou, managing director at Mount Property Group, said: “We are delighted that Soilbuild Group Holdings chose Innovo House as the company’s first UK investment. Student property in Liverpool is a very attractive proposition to foreign investors, offering great returns and we look forward to introducing this long-established company to the benefits of doing business in the city.”
Lim Han Feng, director of Soilbuild Group Holdings, added: “We have been looking at the UK student accommodation sector for a while and believe that it offers a viable and defensive investment proposition. The macro dynamics work in our favour and we look forward to adding more similar investments in the near future.”