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18th Jul 2018
The Bahrain-based wholesale Islamic investment bank, Ibdar Bank, has announced the completion of a $29.5 million Joint Venture (JV) to develop a purpose-built student accommodation project within a prime area of Southampton.
Ahmed Al-Rayes, Acting Chief Executive Officer of Ibdar Bank said: "The bank is pleased to announce the successful acquisition of a prime site in Southampton, UK in order to develop a leading purpose built student accommodation (PBSA) that will be designed to meet the rising demand for higher quality student accommodation in the area by both local and international students.
"The acquisition is in line with our strategy to identify and invest in prime global real estate within the UK market, which is an area of strong and ongoing interest for the bank. This latest transaction in student housing in the UK offers investors exposure to an alternative and resilient asset class."
Located at Cumberland Place the development sits on a main commercial street in Southampton's city centre, and is close to the main universities of Southampton. The development will be able to accommodate more than 200 students across a mix of one, two and three bedroom modern studio apartments.
The project is due for completion in time for the 2018-19 academic year.
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