LaSalle Investment Management, the leading global real estate investment manager, has purchased a student accommodation asset in Bristol, King Square Studios, on behalf of a fund in an off-market transaction from The Homes Partnership Bristol Limited for €42.5 mln, representing a net initial yield of 6.12%.
The 11,148 m² King Square Studios was built in 2010 and comprises a total of 301-studio bed spaces in the established university town of Bristol. Located 10 minutes from Bristol University’s main campus at Tyndall Avenue, the property features excellent facilities including a gym, cinema room and games room along with 37 under croft parking spaces.
John Yeend, Director, LaSalle Investment Management, said: “King Square Studios is a high quality building located in the heart of Bristol, close to the university campus and city center amenities. The studio rooms are directly let to students and we anticipate strong demand for future academic years given its attractive facilities. King Square Studios suits our strategy to acquire high quality, core plus assets and is an excellent addition to our growing student accommodation portfolio.”
Barbers Property acted for LaSalle and Lewis & Partners acted for The Homes Partnership Bristol Limited.