Empiric Student Property has bought the long leasehold of a 561-bed scheme in Manchester from MCR Property Group for £29.5m.
Victoria Point, which is close to the University of Manchester in the Victoria Park area of the city, was developed by MCR in 2009.
The long leasehold expires in 999 years from March 2007.
The property, which includes 197 car parking spaces and landscaped gardens, is fully let for the 2015/16 academic year and Empiric said it was letting well for 2016/17.
Empiric Student Property chief executive Paul Hadaway said: “With its large student population – the third largest in the UK, with 61,990 full-time students in 2014/15, according to HESA statistics – we are pleased to have made this further significant purchase in Manchester, taking our presence in the city to 765 beds.”
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