Legal & General Property (LGP) has agreed to forward fund a student accommodation scheme in Elephant & Castle, London.
Legal & General Property (LGP) has agreed to forward fund a student accommodation scheme in Elephant & Castle, London.
The GBP 25.7 mln (€30.4 mln) development is LGP’s fifth major investment in a university housing scheme over the past two years. The company has invested approximately GBP 330 mln (€391 mln) in the sector during that time.
The new development is pre-let to the University of the Arts London (UAL) on a long-term lease and comprises 221 units. The scheme is scheduled for completion in August 2015 ahead of the start of the academic year in September 2015.
The new investment follows LGP’s forward funding of a 475-bed site in Finsbury Park earlier this year for more than GBP 57 mln (€67 mln).
Jones Lang LaSalle advised LGP on the transaction.
