SINGAPORE – Mapletree Investments (“Mapletree”) is pleased to announce the successful divestment of The Cottages of Boone, an 894-bed student housing asset serving Appalachian State University in Boone, North Carolina. The Cottages of Boone is held in Mapletree Global Student Accommodation Private Trust (“MGSA P-Trust” or “the Trust”), a fund managed by Mapletree Real Estate Advisors Pte. Ltd. (MREAL), a wholly-owned subsidiary of Mapletree.

Mr Matt Walker, Chief Executive Officer, Student Housing, said, “This divestment is aligned with the Trust’s overall objective of driving value and maximizing returns to our investors through strategic dispositions. This transaction is an excellent outcome for investors and a testament to Mapletree’s ability to consistently deliver business plans and execute this transaction in a challenging environment.”

The Cottages of Boone is situated off North Carolina Highway 105 and offers convenient access to Appalachian State University as well as stunning views of the surrounding mountains. The asset features three bus stops, with buses arriving every 20 minutes to transport students directly to campus. The asset also offers residents an attractive amenity base and a conducive study environment, that includes a spacious fitness center, yoga studio, dry sauna, steam room, a library and conference rooms.

The transaction was completed on 7 June 2024.

The Cottages of Boone, an 894-bed student housing asset serving Appalachian State University in Boone, North Carolina, has been successfully divested by Mapletree.