PGIM Real Estate has secured £20m of financing from HSBC UK for the refurbishment of six student accommodation sites across the UK.
PGIM acquired the sites from Unite in 2024, in a deal also backed by HSBC UK. The assets comprise six existing purpose-built student accommodation sites, offering just under 3,000 beds, and the rolling refurbishment programme will modernise each site, providing high quality accommodation for students.
Once all refurbishments are complete, the portfolio will be 100% electric and use green electricity sources.
North Court in Cardiff will be the first to be refurbished followed by sites in Sheffield, Nottingham, Birmingham, Leicester and Liverpool.
Kevin Dawson, relationship director at HSBC UK, said: “In a market which is dominated by brand new buildings, we recognised PGIM Real Estate’s innovative approach. We fully engaged with the PGIM team to develop a new financing approach for the sector that allowed the business the flexibility to acquire the portfolio and undertake the necessary works.”
