Apache Capital buys student housing for €30m

Investment manager Apache Capital Partners has bought the Brunswick House student accommodation scheme in Cambridge for £26 mln (€30 mln).

McLaren Property is the vendor of the asset.

The scheme opened in September 2012 with 100% occupancy reflecting a net initial yield of 6.25%. It comprises 251 direct-let student beds, including a mix of studio flats and cluster accommodation and is now over 70%-let for the 2014 academic year.

Richard Jackson, founder and partner at Apache Capital Partners, said McLaren is the group's 'trusted student accommodation partner on behalf of its Middle Eastern investors'. The acquisition boosts Apache's gross assets under management to £105 mln, he added.

McLaren and Apache are joint venture partners on the £45 mln Paris Gardens student accommodation development in southeast London. The 253-bed scheme is due for completion in September 2013.

McLaren Property has a £700 mln pipeline of development assets.

Apache Capital Partners is a London- and Bahraini-based real estate investment management firm specialising in sharia-compliant investments.