INTERNATIONAL: LaSalle Buys King Square Studios Student Housing in Bristol
LaSalle Investment Management has bought King Square Studios, a student accommodation asset in the established university town of Bristol for $54 million.
By Balazs Szekely, Associate Editor
LaSalle Investment Management has bought King Square Studios, a student accommodation asset in the established university town of Bristol for $54.01 million.
The global real estate investment manager purchased the property from The Homes Partnership Bristol Ltd. in an off-market transaction on behalf of a fund. The value of the transaction represents a net initial yield of 6.12 percent. Barbers Property represented LaSalle and Lewis & Partners acted for The Homes Partnership Bristol Ltd. in the transaction.
Built in 2010, King Square Studios comprises a total of 301 interior designed, en-suite, fully furnished studio spaces and includes a gym, study room, game room, cinema and TV room on 120,000 square feet. It also has an undercroft parking with 37 spaces. Located directly adjacent to King Square in central Bristol, it is just a 10-minute walk from Bristol University’s main campus at Tyndall Avenue. There is also a local bus stop for UWE students located within a five-minute walk from the complex. The BIMM college along with numerous local amenities such as supermarkets, bars and cafes are also minutes from the accommodation.
“The studio rooms are directly let to students and we anticipate strong demand for future academic years given its attractive facilities. King Square Studios suits our strategy to acquire high quality, core plus assets and is an excellent addition to our growing student accommodation portfolio,” said John Yeend, director at LaSalle Investment Management in a prepared statement.
LaSalle is one of the leading real estate investment managers of the world with $50 billion of private- and public- property equity and debt investments in its portfolio in this year’s first quarter. The company is present in 17 countries worldwide with nearly 700 employees. Its client base includes public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe.
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