Bahrain-based Islamic investment bank, Ibdar Bank, said its joint venture with Investra Group, a top UK developer and Apache Capital, a major British asset manager, has signed up UK Contractor Bennete to construct the “Cumberland Place”, a $29.5 million purpose-built student accommodation  project in Southampton, UK.

The project will be completed in time for the academic year 2018/2019.  

On the new project, CEO Ayman Sejiny said: "Ibdar Bank is pleased with the performance of our JV partnership in the UK. We are working to add value to our investors, and are happy to announce that we have appointed a reputed contractor to develop the project site into a leading Purpose Built Student Accommodation and have commenced construction”.

The project, which is designed to meet the rising demand for student accommodation from both local and international students, is located at Cumberland Place, one of the main commercial streets in Southampton’s city center, stated the top official.

The site is in close proximity to Southampton’s main universities, in addition to the city’s transportation, services and retail points. Cumberland Place will provide accommodation for more than 200 students in a mixture of modern one and two bedrooms, he added.

Bassem Kameshki, the director of real estate, said Ibdar’s focus remained on value-engineering deals in order to achieve higher returns for the investors.

“Since acquisition, there have been strong indicators that the student accommodation project value will increase. The Southampton market has witnessed substantial growth with major infrastructure and commercial developments set to position the city as a regional academic and business epicenter and ‘true capital of the South’,"stated Kameshki.
 
According to him, the construction on the project is progressing well and is ahead of schedule.

In addition to Cumberland Place, the Bahraini bank has a number of global real estate investments under its portfolio, it added.-TradeArabia News Service