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Sat 3 Aug 2013 12:11 PM

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UAE firm sells UK university buildings for $60m

Hayaat Group completes deal to offload accommodation building at University of Bradford

UAE firm sells UK university buildings for $60m

The Hayaat Group, a private investment company headquartered in Abu Dhabi, has announced the completion of the sale of The Green, which provides accommodation for 1,026 students in the University of Bradford in the UK.

Conceived in 2005 under the then Labour Government's Urban Regeneration Scheme, the Green is part of the £750m investment to redevelop the Learning Quarter.

The development includes a £150m Sustainable Student Village, of which The Green formed the first phase.

The Green was completed in 2011, with the Hayaat Group acting as lead investor.

The Green has now been sold to a private Kuwait-based fund for more than £40m ($60.4m), with the Hayaat Group achieving a 170 percent return on its investment, it said in a statement.

Mohammed Ikhlaq, executive director of Hayaat Group, said: "We are very proud of what we have achieved at The Green and we look forward to a long and happy association with the University of Bradford as we contribute to the development of its Learning Quarter.

"To have seen the project through from conception to completion represents a considerable triumph, given the horrendous market conditions that prevailed at a key stage of its development."

Outside of the UK, Hayaat Group is involved in a range of development projects, most notably in East Africa, where the prospectivity of the region has attracted the interest of some of the world's largest oil companies.

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