2021-06-07-莱坊-UK_Residential_Investment_–_Yield_Guide_Q2_2021_3页_159kb

报告摘要

Investment volumes in the first half of 2021 reached £2.35 billion, representing a 79.8% increase year-on-year, with H1 2020 boosted by Blackstone's £4.7 billion IQ student portfolio deal.
Student Build-to-Rent (BTR) sector saw £656 million invested in Q2 2021, down year-on-year compared to the same quarter in 2020, but overall momentum driven by strong fundamentals and low supply.
Key deals included GIC's purchase of 1,358 beds in Wembley and Whitechapel for £342 million, Blackstone's acquisition of 347 beds in West Hampstead for £124 million, and other transactions such as AWR's £61.5 million purchase in Liverpool.
Market sentiment remains positive, with high investor demand for income-producing residential assets due to stable rental markets and economic uncertainty hedging benefits; vaccination efforts support longer-term outlook.
Rent collection and occupancy rates are strong, with BTR maintaining high rates throughout the pandemic, while PBSA occupancy saw a slight decline but remains supported by rising student numbers.

Prime London yields stable around 3.50%-4.00%, regional areas range from 3.75%-5.00%, with positive trends emerging in Tier 2 cities.
Student property yields are positive, such as 3.75%-4.00% for Prime London Direct Let, reflecting confidence in rental demand.

Overall residential investment sector shows resilience, with a focus on regional growth and rising activity in cities beyond London.
Defensiveness of the sector makes it attractive amid economic uncertainties, and yields are indicative for prime, stabilised institutional-grade assets.

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