Standard Life Investments’ Long Lease Fund has paid £17.4 million for Blythswood House, a student accommodation development leased to Glasgow School of Art for 25 years.

Blythswood House at 200 West Regent Street opened in September 2015 and was purpose-built for the School of Art.

The 216-room development was acquired from Regional REIT Ltd managed by London & Scottish Investments.

Richard Marshall, Standard Life Investments’ head of secure real estate, said: “Blythswood House is one of the premier student accommodation properties in Glasgow.

“This investment fits with Standard Life Investments’ Long Lease Fund’s strategy of acquiring prime commercial property let to good covenants and benefitting from long, index linked income.

“The growing student accommodation sector is performing well and we are confident that Blythswood House will deliver the stable returns required by our investors to help match their long term liabilities.’”

BNP Paribas Real Estate acted for Standard Life Investments, whilst Inglis Howie Property Consultants advised the seller Regional REIT Ltd.