BlackRock UK Property Fund has bought a flagship student housing block in Devon for £40m.
The fund, advised by Savills, has acquired the 492-bed Printworks from Moorfield Real Estate Fund II.
MREFII purchased the former printing site in 2011. It opened in 2013 with 100% occupancy.
Moorfield chief investment officer Charles Ferguson Davie said: “We had expected to hold the investment for longer but the off-market approach from BlackRock resulted in an early realisation of our business plan. Moorfield will continue to look for opportunities in the sector.”
BlackRock has invested more than £100m in student property over the past year.
