(MENAFN) Bahrain-based investment firm Tadhamon Capital has acquired, along with UK's Apache Capital Partners, a prime Central London accommodation development for USD70.8 million, Arabian Business reported.
The partners said in a statement they had acquired the Paris Gardens in a joint venture with McLaren Property.
The student accommodation development is scheduled to be completed in September 2013, the partners' firms added.
Paris Gardens lies within the London Borough of Southwark, on the south bank of the River Thames and is within minutes of walking distance from some of London's major universities including King's College London, London South Bank University, City University, University of Westminster and London Business School.
The development includes a nine-storey and 13-storey buildings to host a total of 253 beds, a common room and communal courtyard, and an art school of 33,230 sq ft across three floors.
Victoria Hall, a specialist student accommodation company, will manage the student accommodation.
The transaction is part of Tadhamon Capital and Apache Capital Partners' managed social infrastructure investment platform with current gross assets under management of USD140 million.