The U.K. infrastructure debt fund of Allianz Global Investors has bought £119.7 million worth of bonds backed by rent from U.K. university housing.
The bonds were bought from a unit of student accommodation operator UPP Group Holdings Ltd. and are backed by rent from about 11,700 rooms across seven universities.
The investment is the first by the recently formed fund, which will target assets such as roads, schools and hospitals.
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