Joint venture partners Patron Capital and Curation Capital have secured a £9.26m loan with Leumi UK to fund the acquisition and refurbishment of Ladybarn House – a 117-bed PBSA scheme located in Fallowfield, Manchester.
The scheme’s existing rooms will be refurbished, with the on-site amenity provision enhanced and the building’s ESG credentials improved. The funding was completed within a 28-day exchange and completion timetable.
Chris Stallard at Leumi UK said: “Patron Capital and Curation Capital are a well-known client of Leumi UK, and we’re pleased to have been able to work with the team again to provide a loan facility for this fantastic PBSA acquisition and refurbishment project.
“With the number of young people attending university steadily increasing, combined with tenants’ greater insistence on environmentally friendly housing, PBSA assets such as Ladybarn House will be instrumental in meeting the growing demand and ensuring a bright future for both students and universities.”
Keith Breslauer, managing director of Patron Capital, added: “Manchester is home to two of the UK’s largest universities, including the University of Manchester, which is the largest University in the UK by full-time student enrolment. Unfortunately, the current supply of PBSA accommodation in the city only covers 24% of the total student numbers. With this deal, we will be looking well into the future, ensuring that students will be able to stay in high-quality, energy-efficient housing for years to come.”
Stephenson Harwood LLP acted for Leumi UK on the legals. Savills provided valuation advice and Gardiner & Theobald LLP provided construction advice.
