Two real estate investment firms backed by Middle Eastern investors have signed a deal to buy an unbuilt set of student apartments in Southampton.
Apache Capital Partners and Investra Development joined forces to acquire the development scheme, which is anticipated to have a value of nearly £25 million ($32 billion).
Headquartered in London and with a Middle Eastern office, Apache Capital Partners specialises in investing Middle Eastern capital into UK property. Investra, a UK firm with a Dubai office, says it has transacted £2.5 billion of assets over the last decade.
Scheduled to be completed before the start of the 2018 academic year, the 12-storey apartment block will have 198 beds and include study areas, a common room, a cinema and a gym. The seller is Orchard Homes and the architect is O’Connell East.
Real estate is a traditionally popular asset class for Middle Eastern investors, who tend to favour physical assets.
©2016 funds global mena