It has announced this on behalf of its LPI (Limited Price Inflation) Income Property Fund and has completed the purchase from Lincam Pentland Ltd, a subsidiary of S1 Developments Limited.

The purchase of the proposed 315-room student residence was completed on a forward-funding basis for a price of around £35m.

The property will be leased to the university on a 20-year, full repairing and insuring lease on completion of the development.

The scheme is being carried out by S1 Developments and is scheduled for completion in September 2020.

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Derek Gilby, senior fund manager of the LPI Income Property Fund, said: “The quality and affordability of accommodation can represent a large factor for students when deciding where they want to go to university.

“We believe that quality facilities that are affordable for students can help to provide a quality education.

“This is an excellent buy for the fund, offering a secure long-term income stream, which provides a hedge to inflation from a top investment grade university.”

Dan Teague of S1 Developments Limited, added: “We are delighted to have concluded this transaction with Legal & General, who are a perfect partner for ourselves.

“We will be providing exceptional accommodation for the university in time for the 2020/21 academic year.

“We are known for providing best-in-class housing and we hope for the same reputation within the commercial property world.”