The Monday Charitable Trust, advised by Carter Jonas, has completed the sale of the freehold of the Royal College of Art Battersea North campus to clients of LaSalle Investment Management for £14.2m.

Located in a prime location adjacent to Battersea Bridge, the 110,000 sq ft campus comprises three purpose-built buildings completed between 2009 and 2015 including studios, workshops and lecture theatres. The property is let to the Royal College of Art on a lease expiring in March 2131. The transaction reflects a net initial yield to the Monday Charitable Trust of 2.1%.

John Knight investment partner at Carter Jonas commented: "The Royal College of Art is an internationally renowned art and design university; the sale of their Battersea campus presented a very rare opportunity in the market and consequently we received strong levels of interest from a wide investor base. The transaction has also demonstrated a continued confidence in the university sector in London."

Robin James, Head of UK Transactions at LaSalle Investment Management commented: "LaSalle was very pleased to be selected as the preferred bidder in this highly competitive market. This asset is in the heart of one of London's most vibrant creative quarters and provides a long-term income stream secured to the world's leading postgraduate university of art and design.

"This acquisition is in line with our strategy for our long income funds by targeting assets secured on longer indexed-linked leases, located in core UK locations that benefit from high residual values".

Carter Jonas acted for the Monday Charitable Trust and BNP Paribas Real Estate acted for LaSalle Investment Management.