The property giant owned by prominent businessman Mark Stott has sold a student apartments tower to an investment giant.
Cheshire-headquartered Vita Group has agreed the deal for Vita Student Lewisham Exchange with AXA IM Alts which has around €184bn of assets under management.
The building, located next to Lewisham train station, officially opened at the start of the 21/22 academic year and totals 758 beds.
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Vita Group’s operating platform Vita Student will continue to run the building on behalf of AXA IM Alts.
Max Bielby, chief operating officer of Vita Group, said: "We’re excited to establish a relationship with AXA IM Alts, agreeing the sale of our flagship Vita Student London residence.
"In securing this deal, it provides the business with the capital and the confidence to continue to develop the Vita Group platform, with an ever-increasing future pipeline of projects."
Vita Group declined to confirm how much the building was sold for.
In October BusinessLive reported how property sales had helped revenues at the property group jump by more than £300m during its latest financial year.
The group posted a revenue of £385.3m for 2021 compared to the £70.5m it reported in 2020.
During the year, the group made £347.8m in property sales, up from £37.4m in the prior 12 months.
Accounts filed with Companies House also showed the group made a pre-tax profit of £25.8m after falling to a £1.9m loss in 2020.
The group has offices in Barcelona, Dubai, Shanghai and Hong Kong while its Its brands include Vita Student, Vita Living, Affinity Living, House of Social, Union and Symphony Park.
It was founded in 2013 by Mr Stott, who also owns Stockport County.
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