M&G Investments has agreed £25m of funding for a 324-bed student accommodation scheme in Scotland.
The investment manager will develop the project for the University of St Andrews, which is working in partnership with Campus Living Villages. CLV will manage and operate the development.
M&G has acquired a long leasehold interest in the property.
On completion of the development, the Fife Park building will be leased to the St Andrews/CLV partnership for 40 years.
Ben Jones, director of real estate income at M&G, said: “This transaction enables the development of state-of-the-art accommodation at Scotland’s first university, renowned for its teaching and research. It demonstrates the willingness of institutional investors to invest in the growing student accommodation sector.”
Montagu Evans advised M&G.
joanna.bourke@estatesgazette.com
