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National Bank of Kuwait Acquire Manchester Site

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

St Regent Fund have completed the sale of its 48-bed purpose built student accommodation property to Cambridge Street Holdings Ltd, a wholly owned subsidiary of National Bank of Kuwait, for £3.8 million.

Crosslane Fund Managers acted as advisers on the deal, which saw Cambridge House in Manchester achieve a net initial yield of 5.9%.

The sale is the first of three student accommodation assets totalling 277 beds, which Crosslane is selling on behalf of the St Regent Fund. The other two sites include, Meadow Court, Edinburgh and Sauchiehall Street, Glasgow.

Prime Student Living has been contracted by the National Bank of Kuwait to continue to manage Cambridge House, which is fully let for the 2016-17 academic year.

Situated close to Manchester Metropolitan university, Cambridge House was acquired by St Regent Fund in August of 2012 and offers students 48 high-quality en-suite bedrooms.

James Metcalf, Co-Founder and Director of Crosslane said of the sale: "Crosslane is pleased to have advised the St Regent Fund on the successful sale of Cambridge House, Manchester to national Bank of Kuwait. Crosslane continues to identify and evaluate potential opportunities to further grow our successful student accommodation business in the UK and across Europe."