Abu Dhabi-based investor Hayaat Group has completed the sale of a £40m (€46.3m) student housing development in Bradford to UK businessman and television personality James Caan’s property company 90 North.
90 North, which specialises in Shariah-compliant real estate investment, bought the buildings for an initial yield of around 7% on behalf of Dubai-based client Arzan Wealth.
The site, known as the Green Student Village, has been let to Bradford University until 2032, and has been given a BREEAM “outstanding” rating.
The purchase was geared to around 50% with debt from Barclays Capital.
The development was completed in 2011, and was funded by Hayaat Group and Welbeck Land (the development arm of Howard de Walden estate), with a contribution from the public sector.
Hayaat Group is a conglomerate with interests including real estate, oil and gas, shipping and media.
