Apache Capital Partners has invested £24.9m (€29.3m) in a UK student-housing scheme.

The Middle-Eastern-backed investment manager said it bought the 198-bed asset in Southampton in an off-market deal.

The scheme, which has planning consent, was bought in a joint venture with Investra Development.

The joint venture is Apache’s second with Investra.

The development will include studios and two and three-bed cluster flats over 12 storeys.

Completion is expected in time for the 2018-19 academic year.

The site, close to Solent University, is in the city centre of Southampton, home to 31,000 students.

Richard Jackson, co-founder and managing director at Apache Capital Partners, said: “This acquisition is in line with Apache Capital’s long-term investment strategies, which deliver sustainable returns to investors and landmark assets offering very high-quality amenities, facilities and services for our customers who live there.�

Apache has developed and invested in 1,774 student accommodation beds across five UK assets in Cambridge, Ipswich and London worth around £256m.