Bidwells has advised Standard Life Pooled Property Pension Fund in acquiring Grosvenor House - a student accommodation block on Covent Garden’s Drury Lane - from GH Partnership Limited for £68.8 million.
Grosvenor House is currently let to the London School of Economics and Political Science (LSE) until September 2027.
Comprising 46,627 sq ft over a basement, ground floor and six upper floors, Grosvenor House serves as accommodation for graduate students of the university.
Colin Summers, Partner, Capital Markets, Bidwells, said: “We were delighted to be involved in the acquisition of this ultra-prime student accommodation let to the London School of Economics. Located adjacent to Freemason’s Hall and a stone’s throw from the Royal Opera House, in our view, this is as prime as student gets.”
David Stewart, Fund Manager for Aberdeen Standard Investments, said: “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.”
Savills acted for GH Partnership Limited.