Ibdar Bank, in JV partnership with leading UK developer Investra Group and Apache Capital; a leading UK Asset Manager, has announced the appointment of prominent UK Contractor Bennete to construct and deliver “Cumberland Place”, a USD 29.5 million Purpose-built Student Accommodation project in Southampton, United Kingdom, to be completed in time for the academic year 2018/2019.
Commenting on the milestone, Mr. Ayman Sejiny, Chief Executive Officer of Ibdar Bank said: “The Bank is pleased with the performance of our JV partnership in the UK. We are working to add value to our investors, and are happy to announce that we have appointed a reputed contractor to develop the project site into a leading Purpose Built Student Accommodation and have commenced construction”. The project, which is designed to meet the rising demand for student accommodation from both local and international students, is located at Cumberland Place, one of the main commercial streets in Southampton’s city center. The site is in close proximity to Southampton’s main universities, in addition to the city’s transportation, services and retail points. Cumberland Place will provide accommodation for more than 200 students in a mixture of modern one and two bedrooms. “Ibdar’s focus remains on value-engineering deals in order to achieve higher returns for our investors,” said Mr. Bassem Kameshki, Director of Real Estate at Ibdar. “Since acquisition, there have been strong indicators that the student accommodation project value will increase. The Southampton market has witnessed substantial growth with major infrastructure and commercial developments set to position the city as a regional academic and business epicenter and ‘true capital of the South’. Construction on the project is progressing well and is ahead of schedule” In addition to Cumberland Place, the Bank has a number of global real estate investments under its portfolio. In 2016, the Bank identified and invested in a USD 78 million Multi Family Housing property in Montgomery County Maryland, USA, and in the development of a GBP 148 million Private Rented Sector project that will offer 458 residential apartments in Manchester, UK. Mr. Kameshki added: “Ibdar’s real estate team have been extensively involved in allocating unique investment opportunities within the international real estate market, with a special focus on the UK, USA and MENA regions in order to provide our investors with more secure, sound and profitable opportunities. Cumberland Place is in line with this strategy, offering investors exposure to an alternative and resilient asset class, and with our strong partners, we are confident that this project will provide stable and attractive returns”. “Ibdar is building a solid track record in real estate, and our experienced real estate team continues to read the market and take full advantage of investments in the right asset classes at the right time of the cycle”, Mr. Sejiny concluded.