Top 40 law firm Trowers & Hamlins has advised 90 North and Rasameel Investment Company on the refinancing of various purpose-built student accommodation schemes in the UK following the restructuring of assets purchased by the joint venture into a new PBSA fund.
Trowers advised on the completion of a £52 million property investment loan facility for various student accommodation schemes across the UK: with properties in Exeter, Leamington Spa, Edinburgh, Leicester and Cardiff.
Founded in 2011, 90 North is a core plus real estate investment manager with a global presence, specialising in responsible investing, and with considerable experience working with Shari’ah compliant equity partners. Rasameel Investment Company was established in 2006 as a closed Kuwaiti shareholding company and has since become one of the leading investment companies in Kuwait and the region.
The loan was provided by Barclays Bank PLC who refinanced the properties by combining four existing individual facilities for each property into a single facility agreement, including the most recent acquisition of City Heights, Cardiff which completed in June. There is also an accordion facility to permit the acquisition of new properties or corporate SPVs to accede to the facility to accommodate pipeline acquisitions by the JV.
This is the latest in a number of transactions Trowers have worked on across the real estate and banking teams acting for the joint venture between 90 North and Rasameel, who established a fund to facilitate offshore investment from the Middle East into the UK purpose-built student accommodation market.
Lilli Sutherland and Katie Evans supported Helen Fysh acting for 90 North and Rasameel on the Banking elements, with Rebecca Wardle, Nikita Asher and Lillian Robinson leading on the Real Estate elements. Trowers worked closely with Bedell Cristin, who advised 90 North and Rasameel in relation to the Jersey matters including advice on structuring and establishing the new offshore fund.
Banking and Finance Partner, Helen Fysh, commented:
"We are pleased to have once again supported the joint venture between 90 North and Rasameel on securing an investment loan facility that will enable both companies to continue to make further inroads into the purpose-built student accommodation market."
