The Signature West Midtown is a purpose-built student accommodation in Atlanta, Georgia, completed in 2019. A freehold property, it has 525 beds across 183 units and is located close to Georgia Tech with facilities such as a swimming pool or a rooftop lounge. Occupancy stands at about 95% with an average length of stay of about a year.
The price of US$95 million (plus fees) will be paid by recycling divestment proceeds and debt.
As the purchase is yield-accretive, distribution per unit is expected to be lifted by about 4.4% while having no impact on NAV.