Press Release – 90 North and Rasameel acquire prime student accommodation in Cardiff
90 North Real Estate Partners LLP (“90 North”), in partnership with Rasameel Investment Company (“Rasameel”) has acquired City Heights, a 146 bed student accommodation investment in Cardiff for £19,400,000, a 5.75% net initial yield, as part of a Shari’ah compliant investment.
Built in 2019, the property provides very attractive on-site amenities, including an outdoor roof terrace, common room with games area, on-site gym, study space, laundry room and bicycle storage. As well as being the capital city of Wales, Cardiff is a Russell Group university city and is home to more than 55,000 full time students.
Philip Churchill, Founder and Managing Partner, 90 North commented, “We’ve been targeting an acquisition in Cardiff for a while now, attracted by the relatively low provision of purpose built student accommodation 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.”
With more than 3,000 student beds currently under management, 90 North has a strong pipeline of further acquisitions in the student accommodation sector.
Mohammad Al-Thaqeb, SVP, Rasameel 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 into our mandate and in-line with the investment criteria under the Academy Programme and our large-base investors’ aspirations.”