Apollo has secured a £100m loan from LaSalle Investment Management to refinance the 699-bed Pavilion Court purpose-built student accommodation (PBSA) scheme at Wembley Park in London.
The fully leased scheme, which completed in 2021, comprises 89 studios and 610 en-suite rooms across four blocks centred around a courtyard. The on-site amenity provision includes a gym, games room, multimedia room and multiple study spaces.
LaSalle Investment Management provided the loan through its flagship LaSalle Real Estate Debt Strategies IV (LREDS IV) fund.
David White, head of LaSalle Real Estate Debt Strategies, said: “This large-scale refinancing demonstrates the strength of our debt investments platform and maintains our strong pace of deployment, positioning our business as one of the most active real estate debt providers in Europe. We are delighted to be able to offer Apollo Global Management a bespoke and creative capital solution to support this acquisition.
“The building is in prime position to attract domestic and international students looking for high-quality, amenity-rich and centrally located accommodation that provide quick access to universities. We look forward to expanding our footprint in this segment of the market.”
Samuele Cappelletti, partner at Apollo, added: “We are pleased to have worked with an institutional party like LaSalle in the financing of this landmark asset for which we continue to see multiple value creation levers to be implemented over the life of our business plan.”
