A luxury block of student accommodation in Durham has been snapped up by Ahli United Bank (UK) and is to be managed by its operator The Mansion Group.

The purpose-built student accommodation containing 362 beds, comes equipped with an on-site sauna, cinema, gym and rooftop bar.

The accommodation comprises of 174 en-suite cluster flats arranged in four and five-bedroom apartments, along with 188 studios.

The acquisition was supported by a five-year £18.4m investment facility from the Bank of Scotland's Commercial Real Estate team, with DAC Beachcroft, Valore Real Estate and Rapleys all advising on the deal.

Maz Osman, fund manager at Ahli United Bank, said: "This is an important acquisition for the Bank's private banking clients, which expands our global portfolio of quality real estate investments."

"This asset offers class leading amenity in the Durham student accommodation market. The opportunity has proved extremely popular with our clients and was oversubscribed."

Meanwhile, Simone Lowe, head of acquisitions at The Mansion Group, added: "We are delighted to work with Ahli United Bank on our first acquisition together. Ernest Place offers excellent value for money for students and we look forward to welcoming our new 2018/19 residents in September."