A global real estate investor based in the United States has bought a University of Law building in Nottingham. Franklin Real Asset Advisors has acquired the 28,000 sq ft block in Royal Standard Place, in the city’s business district, which is close to many law firms and businesses.
The building provides lecture and teaching space for the university which has sites across the UK and abroad. It dates back to the 1990s and was previously part of the old Nottingham General Hospital.
Franklin Real Asset Advisors, which made the purchase on behalf of the Franklin Templeton Social Infrastructure Strategy, said it was leased to the University of Law on a long-term basis.
Franklin Real Asset Advisors director Klaus Schmid said: “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 real estate specialist’s vice president, Michel Lim, said: “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 assets in the future.”
California-based Franklin Templeton operates in 150 countries and employs more than 1,300 people.
It has been running for more than 75 years and has more than $1.3 trillion of assets under management.