Nottingham Scheme Recommended for Approval
12th Dec 2018
Five blocks of student accommodation and a 36,000 sq ft teaching facility at the University of Exeter have been acquired by Legal & General for a total of £76m.
The student accommodation consists of 517 bedrooms, including 160 student rooms, 355 en-suite cluster rooms and two staff rooms. The accommodation is split across five separate blocks and are let to INTO University of Exeter on a 35-year lease.
The blocks of student accommodation were acquired by Legal & General's UK Property Fund for £49.6m, representing an initial yield of 5.78 per cent.
Meanwhile, Legal & Generals LPI (Limited Price Inflation) Income Property Fund snapped up the INTO Academic Facility at Exeter University for a total of £26.4m.
The teaching facility is situated in the centre of the Exeter University Campus and has a 30-year lease in place with the University.
Commenting on the acquisitions, Matt Jarvis, fund manager of the Legal & General UK Property Fund, said: "The quality of accommodation and teaching facilities represents a large factor for students when deciding where they want to go to University.
"We believe that quality facilities help to provide a quality education and we will continue to target university like Exeter which have modern purpose purpose-built living and teaching accommodation."
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