Facilities include more than 120,000 sq ft of teaching space for Newcastle University Business School, in excess of 1,800 student bedrooms, a 183-room hotel and extensive retail space.
Simpson Haugh has designed Heron's Yard to include a landscaped courtyard, providing students with a private outdoor space.
The move marks a milestone for Downing as it continues to expand its PBSA portfolio and solidify its presence in key university cities across the country.
Martin Fenlon, associate projects director at Downing, said: "We are thrilled to have acquired this prime site in Newcastle to complete our vision for Downing Plaza. This is the latest in a line of key strategic acquisitions for us as we continue to expand our portfolio across the country.
"Newcastle is a thriving university city with a rich cultural heritage and a vibrant student community. We are excited to continue to contribute to the city's growth and provide students with stylish and inspiring places to call home."
Source: Insidermedia.com