Tadhamon Capital and partners plan student accommodation project in English capital
Bahrain and UK-based investment firm Tadhamon Capital and Apache Capital Partners on Sunday announced the acquisition of a prime Central London accommodation development for £45m ($70.8m).
The Islamic real estate investment companies said they had acquired the student accommodation development in a joint venture with McLaren Property.
The development, known as Paris Gardens, is due for completion in September 2013, the firms said in a statement.
The transaction is part of Tadhamon Capital and Apache Capital Partners' managed social infrastructure investment platform with current gross assets under management of $140m.
Paris Gardens lies within the London Borough of Southwark, on the south bank of the River Thames and is within minutes of walking distance from some of London's major universities including King's College London, London South Bank University, City University, University of Westminster and London Business School.
The property consists of a nine-storey and 13-storey development to provide student accommodation of 253 beds, a common room and communal courtyard, and an art school of 33,230 sq ft across three floors.
It will be managed by Victoria Hall, a specialist student accommodation company with a presence in 14 major cities in the UK and Europe.
Waleed Abdulla Rashdan, CEO of Tadhamon Capital said: "Paris Gardens represents our third transaction into the UK... Through our presence and transactions in the UK market we have sought to developing on-going close relationships with some of the industry's most established names to continue fulfilling our investors' interest in this sector.
"Over the coming 12 months, we are committed to complete a number of relatively advanced transactions in our pipeline. These include a joint venture providing social housing within some major UK cities and additional student accommodation properties in top-rated university cities."
Tadhamon Capital is a Sharia'a compliant investment company licensed by the Central Bank of Bahrain.
Apache Capital Partners, headquartered in London and with an office in Bahrain, is a niche real estate investment management firm.