Apache and Investra swoop in Kingston

10 April 2015

A joint venture between Apache Capital Partners and Investra Development has acquired an upmarket student accommodation development in Kingston upon Thames.

The 210-bed student accommodation scheme at Kingsgate House, a 10-minute walk from the main Kingston University campus, has a total development value of around £40m. Completion is expected in time for the 2017/18 academic year.

The deal follows Apache Capital’s sale, with McLaren, of the Paris Gardens student development on the South Bank, London, to LetterOne for £61m.

Apache Capital, which has a student portfolio valued at about £203m, has also bought McLaren’s existing share of its Paul Street development in London’s Shoreditch for £108.6m.

Kingsgate House is the third scheme for Investra since its inception in May 2014. The firm’s development director, Nick Hornby, said the deal “fits perfectly with our strategy of buying prime sites in under supplied centres”.

Source PropertyWeek.com