Since entering the UK student dormitory field in 2015, the company has 13 operating projects in seven cities in the UK, and another project is developing. FESAD, a UK Student Dormitory Development Fund (FESAD), owned by Far East Orchard, has complet...
Since entering the UK student dormitory field in 2015, the company has 13 operating projects in seven cities in the UK, and another project is developing.
FESAD, a UK Student Dormitory Development Fund (FESAD), owned by Far East Orchard, has completed its final fundraising, raising a total of £96 million (about S$165.89 million). Among them, institutional investors hold 63.5% of the shares, while Far Eastern Orchard holds the remaining 36.5% of the shares.
The company issued an announcement on the SGX on Wednesday (June 18) saying that the fund will be used to develop student dormitory projects in the UK. Up to now, more than 35% of the raised funds have been invested in two dormitory projects.
The first student dormitory project is located in Glasgow, Scotland and has 273 beds. The other is a 239-bed development in Manchester.
Far East Orchard said: "This fund will focus on developing student dormitory projects in key universities in the UK. The fund is still looking for opportunities to fully deploy the raised funds."
It also stated that the fundraising highlights the company's commitment to expanding its accommodation platform and creating long-term value for stakeholders through strategic investments and partnerships.
Far Eastern Oriole closed at 1 yuan on Wednesday, with no change in the stock price.
