Abu Dhabi’s ADIB lines up Dh124m for student housing in London
ADIB has steadily raised its lending visibility in UK’s property market
Dubai: Abu Dhabi Islamic Bank (ADIB) has provided Dh124 million through its UK operations to support Bahrain-based Blacksand with their latest acquisition. Blacksand is a UK-focused property company, which owns a diversified portfolio ranging from offices to student accommodation as well as residential development projects.
The new property, known as Vibe Student Living, is purpose-built student accommodation (PBSA) in Kingston-upon-Thames. The property provides 300 fully furnished units through 111 studios and 189 en-suite cluster bed spaces. The property also has a retail unit on the ground floor leased to Europcar for an unexpired lease term of eight years.
“The outlook for the PBSA sector for 2021 is strong and we anticipate demand to increase in the next few years,” said Paul Maisfield, Head of UK Real Estate at ADIB. “The message from the government remains positive with ambitions to double international student numbers; the allure of a British education continues to appeal, and overall the reputation of PBSA as a counter-cyclical asset class, remains at the forefront of its attraction to investors,”
The appetite amongst our GCC investors remains strong for quality UK real estate, particularly assets that have demonstrated resilience during the pandemic. Despite the uncertainty during the last academic cycle, investors continue to view the UK PBSA sector favourably. The London market has performed stronger than expected throughout the crisis, with reports of robust booking and occupancy rates.