Aberdeen Standard Investments has purchased Grosvenor House, a student accommodation block in London, from GH Partnership for £68.8 mln (€77 mln).
The 46,627 ft2 (4,330 m2) property is currently let to the London School of Economics and Political Science (LSE) until September 2027 and serves as a graduate student residence.
It was purchased for The Standard Life Pooled Property Pension Fund. GH Partnership is a joint venture between Stanhope and Network Housing group.
'The purchase of Grosvenor House is aligned with the fund’s strategy of increasing its exposure to alternatives through the acquisition of high quality assets in prime locations with the potential for active asset management,' commented David Stewart, fund manager for Aberdeen Standard Investments.
The Standard Life Pooled Property Pension Fund was represented by Bidwells. Savills acted for GH Partnership.