Once the works are complete, nationwide student accommodation provider Velo Student Living will oversee the management of the new and improved student accommodation assets.

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.”

Pedro Barros, asset manager at Velo Student Living, added: “We are looking forward to refreshing and enhancing these two new assets. They will benefit from up-to-date facilities and the provision of premier services that will make for a high-quality living environment for residents.

“Alongside the team at Sama Investments, we are dedicated to identifying opportunities across the UK and look forward to working with others to positively enhance the student accommodation sector as our educational pillars continue to grow.”

The Pinnacles, in Sheffield’s Canal Basin, is a 666-bed fully-occupied scheme situated 10-minutes away from Sheffield Hallam University’s main campus. Chambers 51 – located across the road from the University of Wolverhampton’s south campus – comprises 142 self-contained studios and 15 en-suite bedrooms, and benefits from 100% occupancy year-on-year.

Acting on behalf of Sama Investment Group, Shakespeare Martineau provided commercial real estate, corporate, conventional and Islamic finance, and commercial and intellectual property services.

The firm’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).

Catherine Moss, corporate partner at Shakespeare Martineau, who led the deal, said: “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.

“Our commercial real estate team played a pivotal role in facilitating the acquisition process, ensuring all property-related aspects were meticulously managed. The corporate team projected managed the transaction, navigating the intricate joint venture and corporate requirements to streamline the acquisition and financing processes, while our 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.”