Dar Al Mal, a leading financial firm based in Dubai, UAE, said it has completed the acquisition of a students' accommodation property in Newcastle, UK.

An alternative asset management and financial advisory firm regulated by Dubai Financial Services Authority (DFSA), 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.

Trowers & Hamlins acted on all legal aspects of the transaction, including the acquisition, due diligence and financing.

The Dubai firm said the deal was both timely and strategic as recent industry reports have revealed a strong demand for student housing and accommodation facilities in the UK.

In fact, occupancy rates for these establishments continue to increase with students reserving ahead of the academic year to ensure key spots in highly-preferred student residences, said company in its statement.  

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, it added.

Paul Durrant, the chief executive of Dar Al Mal, said: "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," he added.-TradeArabia News Service