M&G has bought Danehurst Developments’ 166-bed purpose-built student accommodation scheme in Egham for more than £34m.
The Garage scheme was brought to market earlier this year by CBRE, and is understood to have received significant investor interest and achieved a sale price above the guide price.
The Garage comprises 80% en-suite cluster rooms and 20% self-contained studios, and is situated on Harvest Road, two minutes’ walk from Royal Holloway, University of London. Accommodation spans five blocks and includes landscaped gardens.
Louis Furner, director for residential capital markets and student housing at CBRE, said: “We anticipated strong investor interest due to the quality of the asset and highly compelling investment case for UK PBSA and this was borne out by the calibre of bidders.”
M&G was advised on the purchase by Savills. Both parties declined to comment.
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