LaSalle completes purchase of two prime student accommodation blocks for £23.1 million (UK)
LaSalle Investment Management announces that it has completed the acquisition of Camden Court and Magnet Court, two prime student accommodation blocks in the heart of Newcastle’s city center, at a price of £23.1 million (approx. €28 million) and reflecting a net initial yield of 5.65%.
Camden Court serves Northumbria University whereas Magnet Court, just 200 yards from Newcastle University’s new Business School under construction on the former Scottish & Newcastle brewery site, serves Newcastle University students.
In total, the properties comprise 456 en suite student bedrooms very close to their respective campus sites. Both are let to Student Accommodation specialist, Unite, for 19.5 years with uncapped annual RPI rental uplifts …