90 North and Rasameel’s Academy Investment Fund closed

90 North and Rasameel announce the first closing of the Academy Investment Fund of student accommodation across the UK.

PBSA development, which is part of the first closing of 90 North and Rasameel's Academy Investment Fund of student accommodation | PBSA News
PBSA development, which is part of the first closing of 90 North and Rasameel's Academy Investment Fund of student accommodation.

90 North and Rasameel announce the first closing of the Academy Investment Fund of student accommodation across the UK. With a combined value of £90m, the five assets are located in prime student cities servicing the best, highly ranked and well-known universities across England, Scotland and Wales. The schemes include Exeter One in Exeter, The Union in Royal Leamington Spa, Goods Corner in Edinburgh, Dover Street in Leicester and City Heights in Cardiff.

The five student schemes total 795 rooms – a mix of ensuite and studio accommodation. The portfolio is currently 100% let for the 2021/22 academic year – and over 90% let for the 2022/23 academic year.

“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.”

Philip Churchill, Founder and Managing Partner, 90 North

With a strong pipeline of opportunities currently under consideration, further acquisitions are also in the pipeline in due course.

“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 five years.”

Mohammad Tareq Al-Thaqeb, Senior Vice President, Rasameel

90 North is a core plus real estate investment manager with a global presence. Founded in 2011, the company has acquired in excess of $2bn of real estate across the United States, UK, Continental Europe and Australia. Headquartered in London, with offices in Chicago, US and Kuala Lumpur, Malaysia, 90 North is a responsible property investor.

Rasameel is a rapidly growing Sharia-compliant asset manager based in Kuwait, investing in the developed markets as its primary focus. Currently, the company strives to be the partner of choice for Kuwaiti based investors who are looking to diversify their holding across multiple asset classes globally, with an aim to expand its services to serve clients across the GCC.