An accommodation development used by Glasgow School of Art students has been snapped up by Standard Life Investments for £17.4m.

The company, which represents the fund management arm of the business, bought the 216 room Blythswood House based on West Regent Street from a property company that's managed by London & Scottish Investments.

Opened in September it's expected that the facility will deliver stable returns, which in turn will match Standard Life's long term liabilities.

Blythswood House is leased to Glasgow School of Art on a 25-year contract.

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