LaSalle Investment Management has bought two UK student accommodation assets for funds.
The investment manager said it had invested £81.3m (€110.7m) in the separate, off-market transactions.
The deals, in Birmingham and London, reflected respective yields of 5.4% and 5.8%. The former, a 215,000sqft project, is due for completion in August next year.
John Yeend, director at LaSalle, said the properties, bought for £43.6m and £37.5m, were aligned with its core-plus strategy.
”These large, high quality assets are well-located both in terms of public transport and proximity to higher education institutions, so will appeal to students looking for high quality, comfortable and convenient housing,” Yeend said.
“There is still strong pent-up occupier demand for student housing and we will continue to identify assets of this type during 2015 to add to our client’s portfolios.”
LaSalle said it bought 11 student accommodation assets for funds last year for a combined £250m.
UBS Triton Property Fund recently agreed to fund a new student scheme in Newcastle Upon Tyne for £16m.
