Legal & General Investment Management Real Assets (L&G), on behalf of its LPI Income Property Fund, has increased its investment portfolio to more than £870 million by acquiring the 399-bed Queens Road Student Village in Winchester from a private investor.
The property is let to the University of Winchester for 40 years at a rent of £1.3m p.a. and was secured for approximately £31m.
The property was purpose built in 2010 and comprises seven self-contained buildings located within the University of Winchester Campus in Winchester City Centre.
Derek Gilby, senior fund manager at L&G, said: “The purchase is in line with our investment strategy for the fund, offering a secure long-term income.”
Hanover Green and Savills advised L&G and Doherty Baines acted for the vendor.
Credit: CoStar
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