Franklin Real Asset Advisors, on behalf of the Franklin Templeton Social Infrastructure Strategy, has completed the acquisition of a university building comprising around 28,000 sq ft in the city centre of Nottingham.
The asset is fully leased to the University of Law on a long-term basis and benefits from a WALT of over 10 years.
Klaus Schmid, director, Franklin Real Asset Advisors, says: “We are pleased to acquire this asset which has recently undergone refurbishment, with the tenant making significant investments to utilise it for long-term educational purposes.
“The university’s efforts to not just provide high quality education but also to encourage and support underrepresented groups to pursue such education further create a strong alignment for the asset with the impact objectives of our strategy.”
Michel Lim, vice president at Franklin Real Asset Advisors, adds: “This acquisition is an addition to our growing portfolio of educational assets in the United Kingdom. It originates from an off-market approach, allowing us to acquire it at attractive terms for our investors, while capitalising on the current market environment.
“Through our credibility and relationship with the seller, we were able to source this unique asset and we look forward to closing on similar
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