The Kexgill Group has purchased 87 student properties from the University of Hull for an undisclosed sum.
The properties form part of the newly established "University Quarter" and are situated adjacent to the main university campus. They are also subject to a four-year nomination agreement.
The student accommodation specialists managed to secure debt finance from real estate funder ICG-Longbow, which the company will use to fund the acquisition and refurbishment of the site over the next five years.
Kexgill launched an expansion programme in 2015 but already have nine sites situated across the UK as well as a presence in Germany.
According to Richard Stott, managing director of Kexgill, the company is proud to be working closely with the University of Hull and forming an effective partnership, which is seen as an essential part of the purchase.
Under the deal Kexgill will refurbish the development and house the university's students for the next four years under a nomination agreement. It will then revert to a direct let business model helping to house returning students.