Aberdeen Standard Investments takes a punt on student digs in West End
Fund manager Standard Life Aberdeen has made a bet on the capital’s student market and bought a West End housing block used by the London School of Economics.
Its Aberdeen Standard Investments arm has paid around £70 million for Grosvenor House in Drury Lane, the Evening Standard can reveal.
The property has 227 beds and rents cost between £189 and £567 per week. It is five minutes’ walk from the LSE campus.
The purchase from developer Network Housing and investor Stanhope comes despite some industry concerns that Brexit could hit funding for research and exchange programmes, which may result in fewer high-spending foreign pupils coming to the UK.
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A spokesman for Aberdeen Standard said: “London’s role as a global centre for education makes student accommodation an attractive investment that can deliver strong returns over the medium to long term, due to the quality of the universities in the capital and the demand for accommodation.”