Ahli United Bank’s student fund has bought the Derwent Point student accommodation scheme in Islington, EC1. The Bahraini bank paid £23.4m for the 136-bedroom building, reflecting a 5.9% net initial yield, and equating to £170,000 per bedroom.
The open-ended fund, which was launched in 2009, most recently purchased the 316-bedroom Dorset House in Oxford, which it bought in October from Berkeley Group for £30m – a 6.5% yield.
Jones Lang LaSalle advised AUB; Knight Frank acted for the vendor.
