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Cardiff PBSA Scheme Acquired by 90 North and Rasameel

Posted by Calum Martin in ,

Image courtesy of Flickr, Creative Commons

A Cardiff PBSA scheme, called 'City Heights', has been acquired by real estate investment managers 90 North alongside investment company Rasameel.

The City Heights scheme, which comprises 146 student beds, was acquired for £19.4m, a 5.75% net initial yield, as part of a Shariah-compliant investment.

The PBSA scheme was built in 2019 and boasts a number of amenities on-site including a common room, onsite gym, study space, a laundry room and an outdoor roof terrace.

Commenting on the purchase, Founder and Managing Partner of 90, Philip Churchill stated: "We've been targeting an acquisition in Cardiff for a while now, attracted by the relatively low provision of PBSA and the city's international appeal, with more than 20% of the students being from outside the UK. In City Heights, we have a market-leading studio scheme, with very generous room sizes and a location that provides both ease of access to the universities and the distractions of the city itself."

90 North currently has over 3,000 student beds under its management, as well as further acquisition ambitions in the pipeline. Specialising in Islamically compliant investments, the company has so far acquired real estate valuing over $2bn across the UK, UK, Europe and Australia.

Senior Vice President at Rasameel Investment Company, Mohammad Al-Thaqeb, commented: "We are very pleased to be expanding our presence in the UK with further real estate acquisitions by acquiring another great PBSA property under the existing Academy Investment Programme that we established in 2017 in partnership with 90 North. City Heights is a great addition to our mandate and in line with the investment criteria under the Academy Programme and our large base investors' aspirations."

Based out of Kuwait, Rasameel is an investment company focusing mainly on wealth management, asset management and alternative investments.