A fund from the Middle East have invested into student accommodation at Leazes Terrace, right next door to St. James’ Park, amid the takeover speculation surrounding Newcastle United.
As per their official website, Union Property Services Ltd announced the sale of 315 bed student accommodation for an undisclosed fee to the fund from the region, consisting of 258 bedrooms and 57 studios.
Are the Premier League to blame for the Newcastle takeover collapse?
The Director of Union Property, Raj Sehgal, described the investment as ‘fantastic news‘, but the press release does not specify as to who exactly has invested in the property, just that they are from the Middle East.
Middle East consortium failed with Newcastle takeover
The Middle East consortium from the Kingdom of Saudi Arabia (KSA) did fail with their takeover attempt of the Tyneside club, as they found their £300m deal with Mike Ashley rejected by the Premier League.
Since then, there has been a lot of speculation as to whether the bid could be put back on track, with big names including Geordie presenting duo Ant and Dec even showing their full support and backing after the continued pressure being put on the English top flight by the Newcastle Consortium Supporters Ltd (NCSL).
Nonetheless, it seems as if the legal dispute between the St. James’ Park faithful and England’s highest division may have to be settle in a court case to see where the next steps are in terms of the takeover.
Whether or not this latest news is directly related to the same group who tried to buy Newcastle remains to be seen, but it would certainly be an odd coincidence if there were no correlation, given the location of the properties quite literally next door to the Magpies’ stadium.
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