Press Release – Academy Investment Fund Closed
90 North and Rasameel are delighted to announce the first closing of the Academy Investment Fund of student accommodation across the United Kingdom.
With a combined value of £90,000,000, the five assets are located in prime student cities servicing the best, highly ranked and well-known universities across England, Scotland and Wales comprising:
- Exeter One, Exeter.
- The Union, Royal Leamington Spa.
- Goods Corner, Edinburgh.
- Dover Street, Leicester.
- City Heights, Cardiff.
Totalling 795 rooms of both ensuite and studio accommodation, the portfolio is currently 100% let for Academic Year (“AY”) 2021/2022, and thus far more than 90% let for the forthcoming AY 2022/2023.
Philip Churchill, Founder and Managing Partner at 90 North commented, “It’s very pleasing to see lettings performance of this portfolio going from strength to strength, which we believe shows the robustness of our proprietary top-down analysis for target cities, combined with the detailed bottom-up investigation to select the best opportunities.”
Mohammad Tareq Al-Thaqeb, Senior Vice President at Rasameel said, “The demographic fundamentals and international dynamics of UK student accommodation are extremely compelling, with a rapidly growing number of young adults in the UK and a projected near 50% increase in applications from international students over the next 5 years.”
With a strong pipeline of opportunities currently under consideration, we look forward to announcing further acquisitions in due course.