Adhan Group acquires student living complex

Fast growing Blackburn headquartered property firm Adhan Group has acquired a 244-bed student living complex in the heart of Preston’s university quarter.

No price has been put on the deal to purchase Friargate Court but the property was placedon the market in May this year with a £9.75m price tag.

The development, completed in 2016, was put up for sale by administrators after the collapse of property investment firm Innovation Court with reported debts of more than £10m.

Adhan said that the acquisition marked an important step in the group’s growth plans. The property also includes ground-floor retail space and the asset will sit within the group’s retail division.

Co-founder Salim Patel said: “Originally developed with an investment of over £20m, this acquisition marks another important step in our long-term strategy to build a diversified portfolio of high-quality, income-generating assets across the UK.

“This acquisition is more than adding another asset to our portfolio – it’s about strengthening our vision, creating long-term value, and continuing to invest in opportunities that support sustainable growth.”

He added: “With several opportunities already in progress, we look forward to sharing more milestones as Adhan Group continues to grow and invest across the UK.”

Last year the business acquired a 65,000 sq ft mixed-use leisure destination In Aberdeen as well as Graham and Brown's former India Mill site in Blackburn.

And in 2021 the business bought the 270,000 sq ft St George’s Shopping Centre in Preston for an undisclosed sum.

Adhan Group’s retail arm was established in 2020 to further expand the company through the purchase of shopping centres, retail parks and sizeable retail assets with a target of creating an asset value of £1bn.