90 North Real Estate Partners and Kuwait-based Rasameel Investment Company, have bought student accommodation scheme City Heights in Cardiff.
The PBSA was built in 2019 and was part of a Sharia-compliant investment. The deal was signed for £19.4m with a 5.75% net initial yield.
The 146-bedroom scheme is located near Cardiff university, a Russell Group university with more than 55,000 full-time students.
Philip Churchill, founder and managing partner of 90 North, said: “We’ve been targeting an acquisition in Cardiff for a while, attracted by the relatively low provision of purpose-built student accommodation and the city’s international appeal, with more than 20% of the students from outside the UK.”
Mohammad Al-Thaqeb, senior vice president at Rasameel, said: “We are pleased to be expanding our presence in the UK by acquiring another great PBSA property under the existing Academy Investment Programme that we established in 2017 in partnership with 90 North.”
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