The tallest tower in London's main financial district to open next year won't house bankers or office workers -- it'll be a student dormitory.

The 33-story building's owner is Blackstone Group LP, the world's largest private-equity company. Blackstone entered the U.K.'s student-housing market four years ago and has so far invested more than 400 million pounds ($665 million). Rents have risen even as Britain endured its worst property slump in more than three decades.

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