Nester continues to develop its ESG strategy with the finance of Hartley Halls of Residence
BY Youness ABidou - 2023-02-02
At Nester, we understand the importance of having a positive social and environmental impact and have always vowed to maintain and fulfil our ESG strategy. With that in mind, we are delighted to share the story of Hartley Halls of Residence, a recent financing on our platform that is a Buy-to-Let opportunity situated in the heart of Manchester. This hall has been established by Manchester Islamic Educational Trust Ltd. We have worked closely with the Manchester Islamic Education Trust (MIET) in financing this property.
Initially, under a different name, the Trust began in 1991 before it evolved into MIET. The Trust, over the years, has established three schools in Manchester in the heart of North West England. A vacant part of one of the buildings owned by MIET, Hartley Hall, which also accommodates one of MIET schools, Kassim Darwish Grammar School for Boys, was fully refurbished as a hall of residence in 2010. The halls were for university students to live and study in a safe, alcohol-free environment with strict moral guidelines.
What has the social impact been?
In its current form as a hall of residence and as a grammar school for boys aged 11 to 16, Hartley Hall has been an essential part of the Muslim community in the North West. Hartley Hall of Residence is an awqaf project of MIET. Apart from providing a secure living environment for university students, the income from this awqaf project has allowed the Trust to support many young students financially and enable these high-achieving students to blossom and fulfil their potential. The income and funding provided by Hartley Hall of Residence have supported MIET’s schools and helped these institutions flourish and become some of the highest-achieving schools in the North West. Supporting MIET by financing the £2.5m Murabaha facility, secured on the student accommodation asset, has allowed MIET to expand its offering and provision.
“The Trust found in Nester a cooperative and helpful ear. Their ability to secure shariah-based finance to support our growth by providing us with the Murabaha facility was very helpful in our endeavour to purchase the Fielden Campus site from LTE Group. They were always helpful, prompt and supportive.” - Trustee MIET
How is MIET looking to expand?
Nester’s work with the MIET on the commercial aspects of Hartley Hall has allowed the Trust to purchase Fielden Campus from Manchester College (owned by LTE Group). The Trust beat several residential developers for the acquisition of this property with the view to relocate, develop and consolidate on one site their Girl's and Prep schools located, respectively, in the Chorlton and Withington areas of Manchester. When the relocation of two schools of MIET, Manchester Muslim Preparatory School and Manchester Islamic Grammar School for Girls, is completed by the end of August 2023 at this newly acquired site in Fielden Campus, it is expected to provide improved facilities, an extended curriculum and a larger expanded intake of students. Ultimately, the Trust hopes this will improve the core stability of the community’s educational resources and enable a greater outreach for the Trust.
Why is this important to Nester?
“Our mission is to financially empower communities and provide them with opportunities they otherwise would not have been presented. We have decades of experience in finance and investment and have seen that the financial system weighs heavily towards the wealthy. We want to change that.” Youness Abidou, Founder and CEO of Nester
By aiding the MIET in achieving finance for the Hartley Halls of Residence, we have helped unlock the growth potential of a vital education provider in the region, supporting an already underserviced community. By definition, the vision of Nester as a business.
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