LGIM Real Assets has announced it is to fund the development of two student accommodation blocks by EBW Developments (a joint venture between Bloc Ltd and Marcus Worthington Properties Ltd), which have been pre-let to the University of Lincoln.

The accommodation will consist of 301 en-suite student rooms arranged across two modern blocks which will be let to the University of Lincoln for 21 years. It will be located adjacent to the University campus in the city centre.

Derek Gilby, Senior Fund Manager of the LPI Income Property Fund, said: “The quality of accommodation and its central location to campus can represent a large factor for students when deciding where they want to go to University. We believe that quality facilities help to provide a quality education. This is an excellent buy for the fund, offering a secure long term income stream from an investment grade University as well as satisfying our objective of continuing to secure public sector tenants for the Fund.”

The acquisition was made on behalf of Legal & General’s LPI (Limited Price Inflation) Income Property Fund for a total consideration of £25.6m.

Completion is planned for the autumn of 2019.