Schroder Real Estate has completed the acquisition of a 50% interest in the University of Law campus, WC1 for £34m.
It is acquiring the property alongside Schroder UK Property Fund for a total price of £68m – a yield for 4%.
The University of Law has entered a new 12-year lease without tenant breaks at a rent of £2.9m pa.
The freehold property comprises two parcels of land totalling 0.8 acres on which there are four buildings totalling 85,814 sq ft with a mix of office and planning use.
The property is located north of Tottenham Court Road station and one block away from Bedford Square.
Duncan Owen, head of real estate at Schroders, said: “It is the third time this year that placing proceeds have been deployed efficiently in line with the company’s strategy of targeting investments with strong fundamentals in good locations.”
