LaSalle Investment Management has completed the purchase of two student accommodation blocks in the heart of Newcastle for £ 23.1 mln (EUR 28 mln) from Aviva Investors. The deal reflects a net initial yield of 5.6%, the company said.

In total, the properties comprise 456 en suite student bedrooms which are very close to their respective campus sites. Both are let to student accommodation specialist, Unite, for 19.5 years with uncapped annual rent rises in line with inflation.