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Trowers & Hamlins advises Apache Capital and Tadhamon on latest student housing deals

Trowers & Hamlins advises Apache Capital and Tadhamon on latest student housing deals

Trowers & Hamlins is pleased to have advised existing clients Apache Capital Partners (Apache Capital), the London and Gulf-based real estate investment management firm, and Tadhamon Capital (Tadhamon), the Bahrain-based Islamic investment company, on the two investors' latest student accommodation deals in London.

The first deal was the sale of Paris Gardens to investment vehicle LetterOne for £61 million.  The 13-storey, 253-bed student housing development on London's South Bank was initially acquired by a joint venture comprising McLaren, Apache Capital and Tadhamon in July 2013. 

The second deal was the purchase by Apache Capital and Tadhamon of the student accommodation scheme at 12-25 Paul Street in London's Shoreditch for £108.6 million.  Apache Capital and Tadhamon established a joint venture with McLaren in 2013 to develop the 456-bed student accommodation and office scheme.  Apache Capital and Tadhamon have exchanged contracts to acquire McLaren's interest in the project by way of a forward purchase of the development, with the deal to complete before the start of the 2015/2016 academic year, in line with the anticipated completion of construction.

Trowers & Hamlins has advised Apache Capital and Tadhamon on all of their student accommodation deals in the UK since 2013, several of which have been in conjunction with McLaren.  The Paris Gardens sale and Paul Street purchase by Apache Capital and Tadhamon were two of a trio of recent deals which saw McLaren sell off its standing and under construction student accommodation portfolio, valued at more than £250 million. 

Nick Harrisingh, Corporate partner at Trowers & Hamlins, commented:  "We are delighted to have advised Apache Capital and Tadhamon on these latest deals.  The student accommodation market in the UK continues to grow, and we are seeing significant demand from investors for these types of properties."

In addition to Nick Harrisingh, the Trowers & Hamlins team comprised UAE head of Corporate and Apache Capital and Tadhamon relationship partner Bill Jefferies, Banking and Finance partner Katharine Lewis, Real Estate senior associate Julian Keith and Tax senior associate Michael Surry.