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Coventry Student Accommodation Sold to Aviva Investors.

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Regents Godiva has completed the sale of the freehold on a forward funded student accommodation block based in Coventry, to Aviva investors for a total of £74.5m.

The development, which includes 770 beds, called Godiva Place, will be tenanted by Coventry University on a 30-year lease at a rent of £3.4m per year.

The delivery date for the project is September 2018.

According to Shaun Roy, head of specialist investment at Knight Frank, "this type of product works well for the annuity funds with long term liabilities and with the buyback option increasing in value every year for the university it is a win-win for all parties involved".

Meanwhile head of Realm Funds at Aviva Investors, Julian Taylor, said "income strip investments such as this are ideally suited for investors in our long term income funds and we look forward to working with Regents Godiva on this project".

Knight Frank helped advise Regents Godiva on the deal, with Colliers International advising Aviva Investors.