90 North and Rasameel acquire City Heights PBSA

90 North and Rasameel acquire a prime purpose built student accommodation scheme - City Heights - in Cardiff.

City Heights student accommodation development in Cardiff, which has been acquired by 90 North and Rasameel | PBSA News
City Heights student accommodation development in Cardiff, which has been acquired by 90 North and Rasameel.

90 North Real Estate Partners LLP (90 North) in partnership with Rasameel Investment Company (Rasameel) has acquired City Heights, a 146 bed purpose built student accommodation (PBSA) investment in Cardiff for £19.4m, a 5.75% net initial yield, as part of a Shariah compliant investment.

Built in 2019, the City Heights property provides on-site amenities including an outdoor roof terrace, common room with games area, onsite gym, study space, laundry room and bicycle storage. As well as being the capital city of Wales, Cardiff is also a Russell Group university city and is home to over 55,000 full time students.

“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.”

Philip Churchill, Founder and Managing Partner, 90 North

With over 3,000 students beds currently under management, 90 North has a strong pipeline of further acquisitions in the student accommodation sector. The company specialises in the structuring of Islamically compliant investment opportunities, and has acquired in excess of $2bn of real estate across the UK, US, Continental Europe and Australia. With its Headquarters in London, 90 North also has offices in Chicago, US and Kuala Lumpur, Malaysia.

“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.”

Mohammad Al-Thaqeb, SVP – Rasameel Investment Company

Rasameel is a leading investment company in Kuwait, and the Capital Markets Authority is in charge of overseeing it. The company provides a wide range of financial options to its customers. Its three primary business pillars are wealth management, asset management and alternative investments. Rasameel is ideally positioned within the ever-growing regional Shariah-compliant investment management market.