Hayaat sells UK student building
Abu Dhabi, July 31, 2013
The Hayaat Group, an Abu Dhabi-based private investment firm, has completed the sale of the Green, which provides accomodation for 1,026 students of the University of Bradford in the UK.
The development has now been sold to a private Kuwait-based fund for more than £40 million ($10.8 million), and the Hayaat achieved a 170 per cent return on its investment, said a statement.
Conceived in 2005 under the then Labour Government’s Urban Regeneration Scheme, the Green is part of the £750 million ($1.2 billion) investment to redevelop the Learning Quarter.
The development, which is the first phase of Listerhills Sustainable Student Village was completed in 2011, with Hayaat acting as lead investor.
It is specifically designed to set a blueprint for sustainable living, encouraging students to adapt lifestyles that save energy and reduce waste.
Central heating and hot water are powered by solar panels; the buildings are efficiently insulated to reduce heat loss; rain water is collected, purified and used for a variety of purposes; and all energy and water usage is monitored and metered so that each student knows exactly how much they are using and can compare with what neighbouring apartments and individuals are consuming.
In its two years of operation, the Green has consumed on average almost 25 per cent less energy than equivalent student accommodation elsewhere in the UK.
It has achieved a score of 95.05 per cent under the Breeam scoring system, a leading design assessment method for sustainable buildings, setting the standard for best practice in sustainable building design, construction and operation.
Mohammed Ikhlaq, founding member and executive director of Hayaat, said: “We are very proud of what we have achieved at the Green and we look forward to a long and happy association with the University of Bradford as we contribute to the development of its Learning Quarter.
“To have seen the project through from conception to completion represents a considerable triumph, given the horrendous market conditions that prevailed at a key stage of its development. It is also a shining example of how private and public sector can work together to deliver a project that contributes so much to the community.” - TradeArabia News Service
More Construction & Real Estate Stories
- Tunelling experts to meet in Dubai
- New mortgage rules to drive UAE property boom
- Sub-Saharan real estate set for big growth
- Cluttons names professional services head
- Hill wins key Doha tower project
- Dubai wins Expo 2020 with HOK masterplan
- UAE property group to invest $54m in Turkey
- Industrial facility rents up in Abu Dhabi
- DB Schenker breaks ground on new Dubai facility
- Arabtec inks $1.2bn UAE hospital contract