The University Capital Trust fund has paid HDG Mansur around £30m for a residential development in London, EC1.
Work is currently underway on site to build the 247 bed student residence, Therese House, and it is anticipated that construction will complete in time for the new academic year.
Teesland iOG acquired on behalf of the fund, which is a Guernsey Property Unit Trust launched in November 2005.
UCT has a current committed asset value of around £80m and is undertaking a second closing equity raising from existing and new investors.
This is due to close in December 2006 and will allow the fund to continue its planned growth strategy with a first-stage target of £200m.
Joss Dyer, senior development manager for the fund, said: “This transaction is a significant step in the fund’s continued growth strategy and provides it with its first scheme in London, an area which will be a focus for future acquisitions”.
References: EGi News 27/11/06
