One of Exeter biggest blocks of student flats has been sold for £40 million.
Moorfield Real Estate Fund II has sold The Printworks on Western Way, near the top of Sidwell Street, to the BlackRock UK Property Fund.
The Printworks has 492 studio and multi-bedroom/cluster apartments and is one of the largest private purpose built schemes in the city.
MREFII purchased the former printing site in 2011 and having secured planning consent for the change of use, developed The Printworks with its opening in 2013 when 100% occupancy was achieved.
Charles Ferguson Davie, Chief Investment Officer of Moorfield, said: "We had expected to hold the investment for longer but the off market approach from BlackRock resulted in an early realisation of our business plan."
Paul Tebbit, Director of the BlackRock UK Property Fund commented "This prime asset has a strong letting track record and is the dominant scheme in the local market. In the last 12 months we have significantly added to our student accommodation portfolio, purchasing over £100m of student accommodation investments, and we believe that acquiring this best-in-class scheme will enhance returns for our clients."
The BlackRock UK Property Fund was advised by Savills and represented by Berwin Leighton Paisner, MREFII was represented by Osborne Clarke.
