Teesland iOG, the pan-European fund and asset management company, has acquired Therese House in the City of London for £30m on behalf of the University Capital Trust fund from HDG Mansur
The site near the Barbican is being developed into a 247 bed student residence. It is anticipated that construction will complete in time for the new academic year.
UCT is a Guernsey property unit trust launched in November 2005. It has a committed asset value of £80m and is currently undertaking a second equity raising from existing and new investors.
This is due to close in December 2006 and will allow the fund to continue its planned growth strategy with a first-stage target of £200m.
Joss Dyer, senior development manager for the fund, said: ‘This transaction is a significant step in the fund’s continued growth strategy and provides it with its first scheme in London, an area which will be a focus for future acquisitions.’