Modern student accommodation in use by the University of Oxford has been purchased for £37.1 million.

The residence, located on St Aldate's & Queen Street, was secured by Legal & General on behalf of Legal & General Retirement.

Let by the University's Christ Church College, the property includes 133 en-suite rooms with shared kitchen facilities and 110 cycle spaces.

Tom Roberts, Head of Strategic Investment at LGIM Real Assets, commented: "This is an excellent acquisition for our annuity portfolio, matching our continued appetite for long term income streams which can offer a hedge against inflation. The modern accommodation, which has been fully let to a world class, investment grade institution, and its central location will remain an attractive prospect for Oxford's student population, whilst providing top quality facilities to help promote a quality education."

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Eleanor Bucks, Managing Director, Direct Investments and Real Assets, Legal & General Retirement, added: "This transaction is an excellent opportunity to add to our investments in high-quality, long-term UK assets, matching our commitments to securing the pensions of our members and connecting pensions to the UK economy."

Legal & General was advised on this acquisition by Jones Lang LaSalle.

(CM/MH)