Sanctuary Group has agreed to sell a £125m portfolio of student halls to Tromba Holdings.
The 2,000-bed portfolio, spread over campuses in four universities in London and one in Brighton, attracted 10 bidders before five cash proposals were shortlisted last month.
The sale price reflects a yield of less than 6%.
Social housing group Sanctuary said that it planned to spend the proceeds of the sale on developing further affordable housing.
Tromba, a family-owned real estate investment division of Precis Holdings, was selected ahead of Victoria Hall, Quintain, Moorfield, and Derwent Living with Aviva.
The London portfolio comprises the University of the Arts’ 259-room Manna Ash House, SE1, and 244-room Don Gratton House, E1, and the School of Oriental and African Studies’ 510-room Dinwiddy House, N1, and 260-room Paul Robeson House, WC1.
It also includes City University’s 191-room Alliance House, N16, and the London School of Economics’ 365-room Lilian Knowles House opposite the Spitalfields Market, E1.
A Sanctuary spokesman said: “Tromba was selected because it has a long-term commitment to the portfolio and the student housing sector, and is willing to work in partnership with Sanctuary for a number of years to continue to deliver the existing services to the halls of residences, as required by the universities.”
King Sturge advised Sanctuary; Knight Frank acted for Tromba.
