Adhan Group has acquired a purpose-built student accommodation (PBSA) scheme in Preston from administrators FRP Advisory for an undisclosed price.
The 244-bed Friargate Court campus, which is located in the city centre, cost more than £20m to build.
Delivered in 2016, the scheme comprises cluster en-suites and studios and the on-site amenity provision includes a gym, communal lounge and games area and retail space. Knight Frank marketed the property with a guide price of £9.75m
Working alongside strategic partners, Adhan Group’s retail division is actively pursuing similar opportunities throughout the UK and intends to complete further acquisitions within the next 12 months.
