M&G is under offer to acquire a site from Get Living in its East Village masterplan in Stratford, E20.
The site was being marketed by Savills for offers of more than £30m.
The plot has planning permission for 504 student beds in two towers of 10 and 15 storeys
Get Living has partnered with the University of the Arts London and expects to allocate 50% of its student accommodation to London College of Fashion students.
The development will also offer internal and external amenity spaces, cycle parking and associated public realm.
The scheme received planning approval from the London Legacy Development Corporation in September 2023.
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