Legal & General completes double PBSA acquisition from GSA
Asset manager Legal & General Investment Management (LGIM), on behalf of Legal & General Retirement Institutional (LGRI), has recently announced the completion of its first direct-let purpose-built student accommodation (PBSA) acquisition, following the purchase of the Aqua Portfolio from Global Student Accommodation (GSA). Knight Frank advised LGIM on the acquisition, MTRE advised GSA.
The GSA portfolio includes two PBSA developments – Clifford House in Exeter, which comprises 312 bedrooms, and Scotway House in Glasgow, which comprises 399 bedrooms. The schemes were purchased for a combined pricing of c. £122m and completed in 2019 with proven historic rental growth and a consistent 98%+ occupancy …