Major student accommodation schemes set for Wolverhampton and Sheffield
Two major student accommodation schemes have been acquired by Solihull-based developer Sama Investment Group, supported by law firm Shakespeare Martineau.
Sama Investment will carry out significant upgrades to The Pinnacles and Chambers 51 developments in Sheffield and Wolverhampton and contractors have been hired for full cladding and remediation.
READ MORE: Shakespeare Martineau sets sights on Southampton expansion
Bilal Ahmed, executive chairman and founder of Sama Investments, said: "This is a significant acquisition that aligns well with our strategy of regenerating and adding value to established developments.
"At Sama Investments, we are focused on identifying and progressing opportunities to create long-lasting value for communities. We will not only enhance the experience for students who benefit from living in a modern environment but support the local area by breathing new life into tired buildings.”
Catherine Moss, corporate partner at Shakespeare Martineau, who led the deal, added: "We are delighted to have supported Sama Investment Group in the acquisition of these two student accommodation schemes and we look forward to seeing the positive impact these upgraded facilities will have on the student community in Sheffield and Wolverhampton."
She said the firm's commercial real estate team had played a pivotal role, while the corporate team projected managed the transaction and the banking and finance team implemented the necessary conventional and Shari’a finance against the commercial property for both acquisition and subsequent development.
“Additionally, the commercial and IP team assisted in ensuring that we had in place a robust commercial agreement for the management of these properties," said Moss.
Shakespeare Martineau's team included Catherine Moss (corporate), Simon Robinson (commercial property and development), Simon Lovell (real estate finance), Deeya Ray (corporate), Katie Parker (commercial property and development) and Shanice Spencer (corporate).
Once work is complete, nationwide student accommodation provider Velo Student Living will oversee the management of the new and improved student accommodation assets.
