Unite Students has purchased a major student village for £227 million in Birmingham.

The Aston Student Village (ASV) site comprises of over 3,000 beds spread across five large, detached properties on Aston University's campus in the centre of the city.

The acquisition has been carried out in a 50:50 joint venture (JV) with GIC, Singapore's sovereign wealth fund.

Unite is planning to invest in the accommodation over the summer to provide the next intake of students.

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Richard Smith, Unite Students Chief Executive Officer, said: "I am delighted to announce this acquisition, our first on campus.

"I look forward to strengthening our relationship with Aston University, working within the campus, helping to support their growth and providing their students with great accommodation and a service experience that will support their personal and academic achievements."

Madeleine Cosgrave, Regional Head, Europe, GIC Real Estate, added: "GIC is pleased to strengthen our partnership with Unite, a leading manager and developer of student accommodation in the UK, through this acquisition. ASV is a high-quality asset uniquely located both on-campus and in the city centre. We are confident in the long-term growth potential of this asset and the student housing sector which we find attractive for its resilient income streams."

(LM)