GCP Student Living is investing £135m (€156m) in a central London asset.
The UK REIT, which launched in 2013, has exchanged contracts to buy Woburn Place in London’s Bloomsbury.
The asset is being sold by Unite Students, with completion of the deal expected next month.
Robert Peto, GCP chairman, said: “Its prime central London location, in close proximity to several large and globally recognised universities, further enhances the positioning of the portfolio in those areas which are strongly positioned to benefit from structural supply and demand imbalances in the student accommodation market.
“We believe this property will offer attractive rental growth prospects over the longer term.”
The centre is close to University College London, SOAS University of London, as well as University College Hospital and Great Ormond Street Hospital.
The London School of Economics, Kings College London, City University and University of the Arts, London are also close to the property.
GCP said it will reconfigure and refurbish the property and look to increase rental growth and occupancy levels.
Scape Student Living will be appointed as manager of the property.
