Pan Pacific, Parkroyal owner UOL makes first move into student housing
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Data showed that applications for British study visas by international students rose in the first quarter of 2025.
PHOTO: PEXELS
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- UOL Group acquired Varley Park in Brighton for £43.5 million, marking its entry into the UK student housing sector and PBSA market.
- Demand for PBSA is rising in Britain, with increased international student visa applications and potential for UOL to leverage expertise.
- Centurion Corp and Wee Hur also operate PBSA, with Centurion planning a REIT and Wee Hur benefiting from increased student caps in Australia.
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SINGAPORE – The real estate company that owns Pan Pacific and Parkroyal hotels has made its first move into student housing, expanding its business beyond hospitality, residential and commercial properties.
Singapore-listed UOL Group on Aug 14 said it has made successful inroads into Britain’s student accommodation sector with the acquisition of Varley Park in Brighton for £43.5 million (S$75.6 million).
The 22-block complex is located on more than 2.8ha of land, or the size of four football fields, and comprises 771 student beds. It includes an amenity block with modern conferencing facilities and a dining hall. The property will be leased back to the University of Brighton under an agreement that ensures steady rental income.
UOL chief executive Liam Wee Sin said demand for purpose-built student accommodation (PBSA), or lodging equipped with amenities and services catered to students’ needs, is rising in Britain as more are now able to afford better facilities.
Data also showed that applications for British study visas by international students rose in the first quarter of 2025.
“We see strong potential in the PBSA segment as it is a resilient asset class with strong fundamentals and provides opportunities for us to grow the portfolio in key markets,” he said, adding that the group could leverage its hospitality and residential development expertise to expand into the broader living sector.
The purchase will be funded through a mix of internal resources and external borrowings, in line with UOL’s strategy to diversify and strengthen its recurring income base.
UOL is not the first company on the Singapore Exchange eyeing growth opportunities in the PBSA market.
The other company operating PBSA assets is Wee Hur.
The company has eight such properties in Australia, where a cap on foreign students will be raised by 9 per cent to 295,000 in 2026, the government there said on Aug 4.
A limit on places was announced in 2024 as a way to rein in record migration that had contributed to a surge in housing prices, but the cap is now being tweaked after the policy successfully curtailed growth in international student numbers in Australia.
Accommodation provider Centurion Corp in July launched a new PBSA brand, Epiisod, in Sydney, marking its second student housing property in Australia. It already runs eight such properties in Britain.
The assets, expected to deliver steady rental returns, will eventually be spun off into a real estate investment trust that Centurion expects to launch in late 2025.
For UOL, Varley Park will be its fourth property in Britain after Pan Pacific London, and mixed-use properties 120 Holborn Island and 110 High Holborn.
The company on Aug 14 reported a 58 per cent rise in net profit to $205.5 million for the first half of 2025, on the back of strong performances from property development and investments.
