Gravis Capital Management's GCP Student Living fund has inked a forward purchase agreement for a 403-bed student accommodation facility in Guildford, Surrey, with the scheme's developer.
Financial details were not disclosed.
The property, which is in the same location as the fund's Scape Surrey asset, is expected to be completed in time for the 2020/21 academic year.
GCP Student Living, which was the first UK REIT to be traded on the London Stock Exchange with a focus on student digs in and around London, launched in May 2013.
The latest deal means that the fund will have 544 beds in close proximity to The University of Surrey, allowing it to take advantage of operational economies of scale, according to the group.
GCP said that the Scape Surrey asset had been fully occupied each year since its acquisition, generating annual rental growth in excess of the portfolio average.
Investec Structured Property Finance said it had provided a £53.5 mln development loan for the completion of the project.
