London & Scottish Property has sold its first two student schemes to a US private investor for £90m.
The developments in Sheffield and Leeds comprise more than 700 bedrooms and each has 8,000 sq ft of amenity space, with lounges, a study area, private dining, cinema and games room.
LSPIM bought Symons House in 2017 and has redeveloped the 1980s four-storey office into a 22-storey student scheme of 351 beds, which opened at the start of this year.
Stephen Inglis, chief executive of London and Scottish Property Investment Management, said: “Having proved that the model works, we intend to reinvest the proceeds in further projects. We will definitely look at more student developments in university towns, but will also consider opportunities in other sectors.”
Knight Frank advised LSPIM; JLL and Savills IM advised the buyer.
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