Tadhamon arranges acquisition of assets
Manama, July 11, 2013
Bahrain-based investment firm Tadhamon Capital has announced it arranged the acquisition of two assets within its social infrastructure platform in the UK.
The two transactions are valued at approximately GBP32 million ($50 million) which brings the total value of the assets held under the platform to GBP123 million, reported the Gulf Daily News, our sister publication.
The first transaction was between Tadhamon Capital and Maria Mallaband Care Group (MMCG) to forward fund the development of the GBP6.7 million, 53-bed care homes in Gerrards Cross, Buckinghamshire.
The development will provide high specification premium care for residents requiring dementia, nursing and residential care.
The Gerrards Cross property represents the first healthcare asset within the platform, and is the first of four forward funding transactions currently in discussion with MMCG as part of the social infrastructure platform's nursing and care home portfolio.
The other three developments being considered are located in affluent South-Eastern home counties, which will provide a total of 184 beds and are valued at GBP21 million.
The second transaction builds on the platform's existing strategic relation with McLaren Properties by arranging the acquisition of 251-bed Brunswick house student accommodation scheme in Cambridge at a value of GBP26 million.
This transaction is subsequent to the platform's arrangement for the acquisition of Paris Garden student housing property in Central London valued at GBP45m last year.
The Cambridge student accommodation opened in September last year with 100 per cent occupancy.
"Both transactions will enjoy the privilege of distributing cash yield to its investors/shareholders with an attractive investment return at the exit," Tadhamon Capital chief executive Waleed Abdulla Rashdan said.
"Since laying the foundations of our social infrastructure platform with our strategic partners, Apache Capital Partners, the London-based real estate investment company, it has expanded and diversified to now include prime assets in each of the student housing, affordable housing and more recently, the healthcare sectors," he added.
"We are firm in our belief in these alternative real estate sectors as drivers of real value to our investors and will continue to source and structure deals within sectors of the UK economy which have exhibited robustness in light of the recent global economic turmoil.
"Through forging partnerships with experienced and leading developers and operators, the coming year will also see us casting our sight further afield to explore selected EU, US and regional markets to hopefully continue delivering our investors with high quality properties," Rashdan added. – TradeArabia News Service