Apache Capital Partners has invested £24.9m (€29.3m) in a UK student-housing scheme.
The Middle-Eastern-backed investment manager said it bought the 198-bed asset in Southampton in an off-market deal.
The scheme, which has planning consent, was bought in a joint venture with Investra Development.
The joint venture is Apache’s second with Investra.
The development will include studios and two and three-bed cluster flats over 12 storeys.
Completion is expected in time for the 2018-19 academic year.
The site, close to Solent University, is in the city centre of Southampton, home to 31,000 students.
Richard Jackson, co-founder and managing director at Apache Capital Partners, said: “This acquisition is in line with Apache Capital’s long-term investment strategies, which deliver sustainable returns to investors and landmark assets offering very high-quality amenities, facilities and services for our customers who live there.”
Apache has developed and invested in 1,774 student accommodation beds across five UK assets in Cambridge, Ipswich and London worth around £256m.