Middle Eastern investor buys student block
A MIDDLE Eastern investor has bought The Green, a student accommodation block in Bradford with more than 1,000 beds.
London-based Welbeck and Abu Dhabi’s Hayaat developed the £40m student village at Bradford University’s campus in 2011.
90 North Real Estate Partners, a London firm specialising in Shariah-compliant deals that is chaired by former Dragons’ Den investor James Caan, advised the investor represented by Dubai-based Arzan Wealth, on the purchase.
Situated on the University of Bradford’s academic campus, the development comprises 1,026 beds in a mixture of townhouses and apartment buildings and is let to UoB by a nominations agreement until 2032.
Nicholas Judd, founder partner of 90 North, said: “The Green being brand new, is one of the best student housing campuses in the UK – certainly the ‘greenest’. In an increasingly competitive educational environment, the University can proudly offer its students award winning accommodation at a reasonable cost.”
James Caan, chairman of 90 North, added: “With particular strength in healthcare, life sciences, management, engineering and international development, UoB has an enviable reputation for graduate employment and amongst foreign students who contribute so much to the UK economy and its export earnings. I am delighted to be associated with UoB on a number of levels and particularly as it has such strength in its international student mix and outlook.”
Sue Kershaw, deputy vice chancellor of UoB, said: “The purchaser of The Green is Shari’ah compliant and has an ethical stance which we welcome. We look forward to working with James Caan and 90 North.”
The Green boasts a string of eco-friendly features recycling facilities, energy monitor screens, low energy lighting and showers which are fitted with low rate fittings. Although it is privately owned, it is managed by the university’s accommodation department.
Graham Chilver, relationship director at Barclays Real Estate, provided senior finance for the acquisition.
Savills acted for the purchaser and Jones Lang LaSalle for the vendor.
The deal sum was not disclosed.
