Aviva Investors Lime Property Fund purchases Bath student accommodation

15 February 2022

Aviva Investors, the global asset management business of Aviva plc (‘Aviva’) announces it has completed the purchase of a purpose-built student accommodation (PBSA) in Bath on behalf of the Lime Property Fund (‘Lime’ or ‘the Fund’), acquiring Green Park House from Bath Spa University.

As part of the transaction, the Fund has simultaneously entered into a 27-year lease agreement with the University of Bath, which included annual CPI rent reviews, collared and capped at 0 per cent and 6 per cent respectively.

Situated on Green Park Road, Green Park House offers 461 units of student accommodation arranged over six floors and four different room types. In keeping with Aviva Investors’ commitment to achieving net zero across the entirety of its Real Assets portfolio by 2040, and aligning with the University of Bath’s pledge to reach Net Zero Carbon in its Scope 1, 2 and 3 emissions, also by 2040, Green Park House has an EPC-B rating, with rooftop-based solar PV panelling, rainwater harvesting and no direct reliance on fossil fuels.

The deal builds on Aviva Investors’ existing relationship with the University of Bath, with the Lime Property Fund having acquired a portfolio of student accommodation in 2007 which is also let to the University.

Source: Aviva Investors