University of Bradford’s student halls of residence, The Green Student Village sold on Islamic terms (BY IFN)

University of Bradford’s student halls of residence, The Green Student Village sold on Islamic terms

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UK: Testament to the growing student accommodation market in the UK real estate sector, 90 North Real Estate Partners, an independent investment advisory firm based in the UK and specializing in Shariah compliant real estate, has advised Dubai-based Arzan Wealth on the acquisition of The Green Student village, situated on the University of Bradford’s academic campus. Arzan Wealth acted on behalf of a Middle Eastern investor for the purchase which comprised of a mixture of townhouses and apartment buildings which is able to accommodate up to 1,026 students. The deal, which was a rare mix between Shariah compliant real estate and the incorporation of environmental sustainability, also involved Barclays Real Estate which provided senior finance for the acquisition. Sue Kershaw, deputy vice-chancellor of the University of Bradford said: “The purchaser of The Green is Shariah compliant, and has an ethical stance which we welcome.” The University of Bradford is said to be ranked amongst the top 10 greenest universities in the UK, according to the Green League 2012; an independent league table of UK universities ranked by their environmental and ethical performance. Since the 2008 crash, followed by protracted uncertainty in the European financial and real estate market, the student accommodation market has been touted as a resilient investment opportunity, with sound growth prospects due to its ability to weather price fluctuations over the last few years. According to industry experts, values in the student accommodation sector have not fallen to the same degree as the residential and commercial markets as investors continue to be attracted by rental growth and the underlying mismatch between demand and supply. 90 North are among a growing class of investment advisors and financial institutions looking to tap the Shariah compliant real estate sector in the UK via student accommodation. In 2010, Gatehouse Bank completed the acquisition of two student accommodation properties in Loughborough.