U Stay buildings changing hands

HAMISH RUTHERFORD
Last updated 11:59 21/11/2012
Education House
ROBERT KITCHIN/Fairfax NZ
Education House on Willis St is one of three Willis St buildings being sold in a $35 million international deal.

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Three Willis St buildings used for student housing and short-stay accommodation are changing hands in a $35 million deal between two international owners.

Education House, at 178-182 Willis St, McKenzies Apartments at 222 Willis St and Cumberland House, at 235-237 Willis St are all marketed under the U Stay urban apartments brand.

The buildings' current owner, Sydney-based Ingenia, said it had entered into a conditional deal to sell the buildings to an unnamed United States private investment group ''that specialises in student accommodation in the US and internationally''.

The deal, which is subject to the buyer confirming finance, was expected to be completed in January.

Ingenia said the buildings had been sold with new 15 year lease arrangements with Victoria University and the Wellington Institute of Technology, and was part of a strategy of disposing of ''non-core overseas portfolios''.

Previously known as ING Real Estate Community Living Group, Ingenia owns properties around Australia and some in the United States.

Refurbishment of the Wellington buildings will be completed over the summer holidays ahead of the sale.

Contact Hamish Rutherford
Business reporter
Email: hamish.rutherford@dompost.co.nz
Twitter: @oneforthedr

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