Aviva snaps up £80m Bath PBSA

Aviva Investors has bought an £80m student scheme from Bath Spa University. The acquisition of the 461-bed property Green Park House was made on behalf of the Lime Property Fund. Green Park House is located to the west of the city centre, close to the river. The building was refurbished by Berkeley Homes in 2016 and has an EPC B rating and rooftop solar panels. The fund has secured a 27-year lease agreement with the University of Bath, including CPI rent reviews with a collar of 0% and cap of 6%. After launching in 2004, the Lime Property Fund acquired a portfolio of 400 student beds for £21.5m, which is also let to the University of Bath. The fund has since grown to £3bn in assets. Kris McPhail, fund manager at Aviva Investors, said: “With inflationary pressure continuing to rise, the case for the asset class is a compelling one, particularly if coupled with strong counterparty credit. As a well-established, top-10 UK university, we believe the University of Bath offers exactly this.” Beachrock advised Bath Spa University. To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews Photo: Aviva Investors