Australia’s Valad Property Group has bought Therese House in the City of London for £30m from HG Mansur for its £200m University Capital Trust fund.
It comprises 247 student flats and studios close to the Barbican EC1.
Valad agreed the deal 18 months ago and said there has been a 20% valuation uplift.
Valad is appointed as fund manager and asset manager to UCT.
Vine Student Living, a division of Vine Property Management, has been appointed to let the units direct to students.
David Kirkby, head of fund management Europe for Valad Property Group, said: 'This transaction provides UCT with its first scheme in London where there is a significant undersupply of purpose built student accommodation.
'This key development has consequently attracted strong interest from Universities and is letting well.'
Valad's fund, which is a Guernsey Property Unit Trust, was launched in November 2005, and has a current portfolio value of £90m held in six separate assets across the UK.
Target size for the fund is £200m.
