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Trowers & Hamlins advises Dar Al Mal on student accommodation acquisition

Trowers & Hamlins advises Dar Al Mal on student accommodation acquisition

Trowers & Hamlins is pleased to have advised new client Dar Al Mal, an alternative asset management and financial advisory firm based in Dubai, UAE, on its acquisition of a newly completed student accommodation property in Newcastle.

Dar Al Mal acted as a financial advisor on the structuring and debt arranging for the acquisition of the property on behalf of its clients. 

The acquired property offers modern en-suite accommodation of 386 bedrooms and is located in a prime area of Newcastle, in close proximity to the city’s two main Universities (University of Newcastle and Northumbria University) and other colleges. 

Trowers & Hamlins advised on all legal aspects of the transaction, from corporate and tax structuring, property due diligence, the debt finance facility and the corporate acquisition. 

Paul Durrant, the chief executive of Dar Al Mal, commented:  "The UK student housing market has attracted significant interest from Middle Eastern investors in the past few years but we are very confident that growth prospects are still extremely interesting for new entrants.  The Newcastle transaction is a great stepping stone for Dar Al Mal and its investors to enter this market and to build a significant presence in this asset class." 

Bill Jefferies, International Corporate partner at Trowers & Hamlins, added:  "We are very pleased that Dar Al Mal turned to us to advise on their first acquisition of student accommodation.  We are seeing significant interest in this asset class and with our strong track record of inward investment into the UK, we are extremely well placed to advise investors across the Middle East." 

The Trowers & Hamlins team that advised Dar Al Mal was led by partners Bill Jefferies and Nick Harrisingh, with support from Banking and Finance partner Imogen Fisher, Real Estate partner Julian Keith, Tax partner Andrew Sneddon, and International Corporate senior associate Stephen Sullivan.