A £19.4m loan for the development of a 391-bed purpose-built student accommodation scheme (PBSA) in Cardiff, has been agreed for a joint venture between Crosslane Property Group and Harrison Street Real Estate Capital from Investec Structured Property Finance.
Located in Howard Gardens, inner city Adamstown, the scheme will benefit from its close proximity to city centre amenities, as well as to a number of key university campus sites, such as the Cardiff University Engineering Block and the University of South Wales.
Erin Clarke, Investec , said: “This latest facility by Investec builds on its market leading experience and expertise within the purpose built student accommodation sector, having committed over £500 million of funding to PBSA transactions during the last four years and supported the delivery of c. 14,000 beds across the country.
“Despite wider market volatility, we continue to see strong demand for well-located, good quality student accommodation schemes such as this one in Cardiff. We remain confident that the UK will continue to retain its reputation as a global leader in the provision of higher education, attracting a diverse range of both domestic and overseas students who increasingly require the desirable accommodation that we have built.”
The state of the art building will include a range of high-quality communal facilities, including a common room, study hub and gym as well as WiFi throughout the building, and include a large indoor secure bicycle storage facility.
Students will also benefit from free to use washer dryers in every kitchen instead of a central laundry.
Crosslane will act as development manager for the JV to oversee construction to ensure it is completed on time, ahead of the 2020/21 academic year.