Franklin Real Asset Advisors, on behalf of the Franklin Templeton Social Infrastructure Strategy, has completed the acquisition of a university building comprising around 28,000 ft2 in the city centre of Nottingham.
The asset is fully leased to the University of Law on a long-term basis and benefits from a WALT of over 10 years.
Klaus Schmid, director, said the property had recently undergone refurbishment, with the tenant making significant investments to utilise it for long-term educational purposes.
'The university’s efforts to not just provide high quality education but also to encourage and support underrepresented groups to pursue such education further create a strong alignment for the asset with the impact objectives of our strategy,' he explained.
Michel Lim, VP, said the acquisition came in addition to its growing portfolio of educational assets in the UK.
'It originates from an off-market approach, allowing us to acquire it at attractive terms for our investors, while capitalising on the current market environment,' he said.