Student block bought for £17.4m
Blythswood House sold to Standard Life fund
The building in West Regent St opened last September and was purpose-built for the Glasgow School of Art.
It has been acquired from Regional REIT managed by London & Scottish Investments. The property includes 216 rooms an is leased to the School of Art on a 25 year lease.
Richard Marshall, Standard Life Investments’ head of secure real estate, said: “Blythswood House is one of the premier student accommodation properties in Glasgow.
“This investment fits with Standard Life Investments’ Long Lease Fund’s strategy of acquiring prime commercial property let to good covenants and benefitting from long, index linked income.
“The growing student accommodation sector is performing well and we are confident that Blythswood House will deliver the stable returns required by our investors to help match their long term liabilities.’”
BNP Paribas Real Estate acted for Standard Life Investments, whilst Inglis Howie Property Consultants advised the seller Regional REIT.