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Manama, Bahrain - Bahrain-based wholesale Islamic Investment bank, Ibdar Bank, has announced the closing of a USD 29.5 million Joint Venture (JV) to develop a prime Purpose-built Student Accommodation (PBSA) project in Southampton, United Kingdom.
Commenting on the acquisition, Mr. Ahmed Al-Rayes, Acting Chief Executive Officer of Ibdar Bank said: “The Bank is pleased to announce the successful acquisition of a prime site in Southampton, UK in order to develop a leading Purpose Built Student Accommodation (PBSA) that will be designed to meet the rising demand for higher quality student accommodation in the area by both local and international students. The acquisition is in line with our strategy to identify and invest in prime global real estate within the UK market, which is an area of strong and ongoing interest for the Bank. This latest transaction in student housing in the UK offers investors exposure to an alternative and resilient asset class.”
The project site is located at Cumberland Place; one of the main commercial streets in Southampton’s city center, and is close to the main universities of Southampton. The Class A development will provide accommodation for more than 200 student in a mixture of one bedroom, two bedroom and three bedroom modern studio apartments. The project is expected to be completed in time for the 2018-2019 academic year.
The Bank is capitalizing on the experience of leading UK based developers who have strong track records within the student accommodation sector; having successfully delivered premium student accommodations throughout the UK.
Director of Real Estate, Mr. Bassam Kameshki, said: “The UK remains an investment destination of choice for GCC investors, and this deal in a defensive sector is expected to generate attractive returns. We have chosen Southampton as there is an undersupply of quality, PBSA schemes and a shortage of accommodation for college students taking into consideration the growing student population and the ongoing expansion of universities in the Southampton area”.
Ibdar Bank is a Bahrain-based wholesale Islamic Investment bank regulated by the Central Bank of Bahrain and engaged in real estate, private equity, capital markets and investment advisory activities. The Bank was formed in 2013 when three Bahrain-based Islamic banks, Elaf Bank, Capivest and Capital Management House, merged to become the third largest Islamic Investment Bank in Bahrain. Since inception, the Bank has built a track record in the Aviation, Real Estate, Sukook and Asset Management sectors.
“Ibdar develops investment products and opportunities based on its in-depth understanding of the needs and appetite of investors, taking a well-considered and conservative approach to the selection, due diligence and acquisition of investments. When structuring Bank’s products and funds across our Private Equity and Real Estate business lines, we build on trends and market opportunities to ensure our clients find market attractive opportunities at all times,” Mr. Al Rayes concluded.
About Ibdar Bank
Ibdar Bank is a Bahrain-based wholesale Islamic Investment bank regulated by the Central Bank of Bahrain and engaged in real estate, private equity, capital markets and investment advisory activities.
The Bank was formed in 2013 when three Bahrain-based Islamic banks, Elaf Bank, Capivest and Capital Management House, merged to become the third largest Islamic Investment Bank in Bahrain. Since inception, the Bank has built a track record in the Aviation, Real Estate, Sukook and Asset Management sectors, and remains focused on providing superior Islamic Investment Banking services whilst operating to the highest standards of ethical and sharia banking practices. The Bank is a keen supporter of elevation of the Islamic Banking and Finance Industry as a whole, and the reinvigoration of the Kingdom of Bahrain as the global Islamic Banking hub.
© Press Release 2016
