The bed count includes the group’s stake in Homes For Students (HFS), a student accommodation provider in the UK. Far East Orchard had just brought its interest to 84% after completing the second stage of the phased acquisition in September.
In its Nov 24 announcement, the group says it will focus on its hospitality, purpose-built student accommodation (PBSA) portfolio and funds as growth drivers.
Under hospitality, the group, which has presence in Japan, Australia and New Zealand, Southeast Asia, Europe and the UK, will grow its hotel management platform in Japan. It will also selectively expand into “priority” Southeast Asian cities such as Indonesia, Thailand and Vietnam, as well as increase its exposure in the UK and Europe through its joint venture with Toga Far East (TFE) Hotels.
Under PBSA, the group aims to grow its fee-based business through the HFS operator platform and expand into the build-to-rent and co-living sectors in the UK and Europe. The group also aims to optimise and recycle capital within its UK PBSA portfolio.
Under fund management, Far East Orchard says it intends to build a lodging-focused fund management platform with geographies in the UK, Japan and Europe, and seed new funds with a mix of existing assets and new acquisitions.
Shares in Far East Orchard closed at $1.20 on Nov 21.
