Adhan Group has acquired the £20m Friargate Court student accommodation campus in Preston, Lancashire, from administrators.
Friargate Court, Preston
Friargate Court spans 224 beds across a mix of cluster, ensuite and studio rooms primarily for University of Lancashire students, with rents of between £115 and £200 a week.
Amenities include a gym, communal lounge and games area, plus onsite retail provision. The site sale excludes the building’s £750,000 commercial element.
Administrator FRP Advisory appointed Knight Frank to market the purpose-built student accommodation (PBSA) scheme in June, with a guide price of £9.75m.
Located on Market Street West and within walking distance of the University of Lancashire campus and Preston city centre, the scheme was developed in 2016 by landlord Innovation Court, which collapsed last year.
The acquisition marks the latest step in Adhan’s “ambitious strategy” to expand across a number of sectors in the UK. The acquisition price was not disclosed.
The company said: “Working alongside strategic partners, the retail division is actively pursuing similar properties throughout the UK.
“The goal is to grow operations quickly, with plans to complete further acquisitions within the next 12 months.
“Following the successful integration of these future assets, the retail division portfolio exceeded more than £1bn in value.”
Please visit:
Our Sponsor