Legal & General (L&G) has acquired the long leasehold of a student accommodation scheme which is fully let to Christ Church College, for £37.1m.

Part of the University of Oxford, the property provides 133 en-suite rooms with shared kitchen facilities and 110 cycle spaces. The residence is located in St Aldate's & Queen Street and has been purchased on behalf of Legal & General Retirement.

Jones Lang LaSalle acted as advisors on the transaction.

Commenting on the deal, Tom Roberts, head of strategic investment at LGIM Real Assets, said: "This is an excellent acquisition for our annuity portfolio, matching our continued appetite for long term income streams which can offer a hedge against inflation."

"The modern accommodation, which has been fully let to a world class, investment grade institution, and its central location will remain an attractive prospect for Oxford's student population, whilst providing top quality facilities to help promote a quality education."

Meanwhile, Eleanor Bucks, managing director for direct investments and real assets at Legal & General Retirement, added: "This transaction is an excellent opportunity to add to our investments in high-quality, long-term UK assets, matching our commitments to securing the pensions of our members and connecting pensions to the UK economy."