The second quarter of 2013 marked a new investment by Tadhamon Capital, the Bahraini based investment firm, where it had arranged the further acquisition of two assets within its prevalent Social Infrastructure Platform in the United Kingdom. The latest two transactions are valued at approximately £32 million ($50million) which brings the total value of the assets held under the Platform to £123 million ($190million).
The first transaction was established between Tadhamon Capital and Maria Mallaband Care Group Ltd (MMCG) to forward fund the development of the £6.7 million 53-bed care homes in Gerrards Cross, Buckinghamshire (West of London). The development will provide high specification premium care for residents requiring dementia, nursing and residential care. The Gerrards Cross property represents the first Healthcare asset within the Platform, and is the first of four forward funding transactions currently in discussion with MMCG as part of the Social Infrastructure platform’s Nursing and Carehome Portfolio. The other 3 developments being considered are located in affluent South-Eastern home-counties, which will provide a total of 184 beds and are valued at £21 million.
The second transaction builds on the Platform’s existing strategic relation with McLaren Properties by arranging the acquisition of 251-bed Brunswick House student accommodation scheme in Cambridge at a value of £26 million. This transaction comes subsequent to the Platform’s arrangement for the acquisition of Paris Garden student housing property in Central London valued at £45 million in 2012. The Cambridge student accommodation opened in September 2012 with 100% occupancy.
“Both transactions will enjoy the privilege of distributing cash yield to its investors/shareholders with an attractive investment return at the exit. Since laying the foundations of our Social Infrastructure Platform with our strategic partners, Apache Capital Partners (the London based real-estate investment company), it has expanded and diversified to now include prime assets in each of the student housing, affordable housing and more recently, the healthcare sectors. We are firm in our belief in these alternative real estate sectors as drivers of real value to our investors and will continue to source and structure deals within sectors of the UK economy which have exhibited robustness in light of the recent global economic turmoil. Through forging partnerships with experienced and leading developers and operators, the coming year will also see us casting our sight further afield to explore selected EU, US and regional markets to hopefully continue delivering our investors with high quality properties,” Waleed Abdulla Rashdan, Chief Executive Officer of Tadhamon Capital, said.