Legal & General has bought a £37.1m (€41.3m) student accommodation residence in southern England for its annuity portfolio.
Legal & General said it bought the asset on behalf of Legal & General Retirement. The student accommodation residence is let to Christ Church College, part of the University of Oxford.
The property is situated on St Aldate’s & Queen Street and provides 133 en-suite rooms with shared kitchen facilities and 110 cycle spaces.
Tom Roberts, the 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.”
Eleanor Bucks, a managing director for direct investments and real assets at Legal & General Retirement, said: “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.”