PRUPIM has bought a 378-bed student accommodation development in Dorset.
It bought the former car park on Madeira Road from Bournemouth borough council for £22.6m.
A deal has been agreed to let the site to the council for 26.5 years. On completion in September 2014, the council will lease it to the Arts University Bournemouth.
It is being developed by the Bournemouth Development Company, a joint venture between the council and Morgan Sindall Investments.
Over the past six months PRUPIM, which will be renamed M&G Real Estate from the end of June, has spent around £85m in the student housing sector.
Montagu Evans acted for the buyer; the vendor was unrepresented.
joanna.bourke@estatesgazette.com
