Aberdeen Standard Investments buys £68.8M Covent Garden student accommodation
The Standard Life Pooled Property Pension Fund has acquired Grosvenor House, a student accommodation block on Covent Garden’s Drury Lane – from GH Partnership Limited for £68.8 million.
Savills acted for GH Partnership Limited. Bidwells has advised Standard Life Pooled Property Pension Fund
Grosvenor House is currently let to the London School of Economics and Political Science (LSE) until September 2027.
Comprising 46,627 sq ft over a basement, ground floor and six upper floors, Grosvenor House serves as accommodation for graduate students of the university.
Colin Summers, Partner, Capital Markets, Bidwells, said: “We were delighted to be involved in the acquisition of this ultra-prime student accommodation let to the London School of Economics. Located adjacent to Freemason’s Hall and a stone’s throw from the Royal Opera House, in our view, this is as prime as student gets.”
David Stewart, Fund Manager for Aberdeen Standard Investments, said: “The purchase of Grosvenor House is aligned with the fund’s strategy of increasing its exposure to alternatives through the acquisition of high-quality assets in prime locations with the potential for active asset management.”