Legal & General, acting on behalf of Legal & General Retirement, has purchased the long leasehold of a modern student accommodation residence which has been fully let to Christchurch College, University of Oxford for approximately €41m (£37.1m). The property, situated on St Aldate’s & Queen Street, is a modern student hall of residence, providing 133 en-suite rooms with shared kitchen facilities and 110 cycle spaces. Located within the Central Conservation Area and the West End Regeneration Area, the property sits within the heart of the city of Oxford, walking distance to Christchurch College. Given its central location, the property benefits from a range of public transport links and is highly accessible by foot and by cycle. Oxford railway station is also located approximately 860m to the west of the site.
Tom Roberts, Head of Strategic Investment at LGIM Real Assets, commented: “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 quality education.”
Eleanor Bucks, Managing Director, Direct Investments and Real Assets, Legal & General Retirement, commented: “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.”