The purchase of the property – which has been fully let to Christ Church College, part of the University of Oxford – has been made on behalf of Legal & General Retirement.

Situated on St Aldate’s & Queen Street, the building consists of 133 en suite rooms with shared kitchen facilities and 110 cycle spaces.

Tom Roberts, head of strategic investment at LGIM Real Assets, said: “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.

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“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, while providing top-quality facilities to help promote a quality education.”

Eleanor Bucks, managing director of direct investments and real assets at 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 the acquisition by Jones Lang LaSalle.