The deal is the latest in a series involving student accommodation schemes developed by McLaren Property. Aberdeen Standard Pan European Residential Property Fund acquired The Fitzalan in Cardiff for £36.25 million in December and Empiric Student Property acquired a property on Baldwin Street in Bristol for £19 million earlier in February.

The 148-bedroom Meadow Court development was acquired by McLaren in 2016 and comprehensively refurbished in 2017 with the upgrade of all rooms, bathrooms and kitchens and the construction within a newly landscaped courtyard of an open plan common room with integrated study areas, meeting room and social space. A secure gated entry system was also installed.

Located just a 5-minute walk (500 metres) from the University of Edinburgh main campus, Meadow Court has historically been 100% occupied and also benefits from a strong summer tourist market courtesy of the Edinburgh Festival Fringe.

McLaren Property CEO John Gatley comments, “This is a successful formula from one end of the UK to the other. A high quality, well located development should get full occupancy and that makes it highly desirable to investors.

We continue to achieve the same appeal across our pipeline of student schemes underpinning the strength of the PBSA sector.

MTRE and CBRE acted for McLaren. Lismore Real Estate Advisors and MWM Property Consultants acted for the purchaser.