Tadhamon Capital concludes acquisition of London's Paul Street development
Bahrain's Tadhamon Capital announced the completion of its Paul Street development acquisition. This is the Islamic investment firm's second prime Central London development to date, according to Gulf Daily News.
The said deal was completed in joint venture with McLaren Property and Apache Capital. The transaction was conducted after the successful development Paris Gardens. This was Tadhamon's first Central London student development project. The Paris Gardens project was also done with McLaren, the report said.
The Paul Street development is composed of three blocks. Two of those blocks will house 456 accommodation units for students. The structure will have a 1,550 square feet retail space on the ground floor. A stand-alone office structure will be built on the third block, the report explained.
Construction work is expected to begin in 2014's first quarter. The project is expected to be completed by 2015's third quarter. The Paul Street investment is expected to generate a minimum of 7.3% yearly net cash yield and 17.5% internal rate of return, Gulf Daiy News reported.