Sama Investments has acquired two operational student accommodation schemes offering 900 beds for an undisclosed price.
The Pinnacles (pictured) and Chambers developments in Sheffield and Wolverhampton will now be significantly upgraded by Sama, which has commissioned contractors to undertake full cladding and remediation upgrades.
Once the works are complete, nationwide student accommodation provider Velo Student Living will oversee the management of the new and improved student accommodation assets.
Bilal Ahmed, executive chairman and founder at Sama Investments, said: “This is a significant acquisition which aligns well with our strategy of regenerating and adding value to established developments. At Sama Investments we are focused on identifying and progressing opportunities to create long-lasting value for communities. We will not only enhance the experience for students who benefit from living in a modern environment but support the local area by breathing new life into tired buildings.”
Pedro Barros, asset manager at Velo Student Living, added: “We are looking forward to refreshing and enhancing these two new assets. They will benefit from up-to-date facilities and the provision of premier services that will make for a high-quality living environment for residents. Alongside the team at Sama Investments we are dedicated to identifying opportunities across the UK and look forward to working with others to positively enhance the student accommodation sector as our educational pillars continue to grow.”
