en.Wedoany.com Reported - Adhan Group has acquired the £20 million Friargate Court student accommodation complex in Preston, Lancashire, UK, from administrators.
The complex comprises 224 beds, offering cluster flats, en-suite rooms, and studio apartments, primarily targeting students at the University of Central Lancashire, with weekly rents ranging from £115 to £200.
Facilities include a gym, common room, games area, and on-site retail amenities. The sale excludes the commercial portion of the building valued at £750,000.
In June, administrators FRP Advisory instructed Knight Frank to market the purpose-built student accommodation project, with a guide price of £9.75 million.
Located on Market Street West, within walking distance of the University of Central Lancashire campus and Preston city centre, the project was developed in 2016 by owner Innovation Court, which went into liquidation last year.
This acquisition is the latest step in Adhan's strategy to expand across multiple sectors in the UK. The purchase price was not disclosed.
The company stated that its retail division, in collaboration with strategic partners, is actively seeking similar properties across the UK, aiming to rapidly scale operations over the next 12 months and planning to complete further acquisitions. Following the successful integration of these future assets, the retail division's portfolio value has exceeded £1 billion.
