DPK Group has secured a £113m development facility from Firma Partners to fund the conversion of the Royal Albert Dock office complex in East London into a landmark purpose-built student accommodation (PBSA) scheme with a GDV of circa £300m.
The whole loan will finance the refurbishment of 20 buildings at the riverfront Docklands site and the completed scheme will deliver 1,085 student beds alongside 55,000 sq ft of retail and amenity space.
DPK Group secured full planning consent for the conversion into PBSA, educational and retail uses in 2023. The conversion will predominantly entail internal fit-out works with no structural changes required and is expected to be completed over an 18-month construction programme with practical completion targeted for Q3 2027.
The scheme will be operated by Homes for Students, an independent institutional PBSA operator.
Victor Librae, chief executive of Firma Partners, said: “Royal Albert Dock is an extremely compelling opportunity that combines a genuine undersupply of student accommodation, a very strong institutional operator and a strategically located waterfront asset with incredible regeneration potential. The conversion of vacant, high quality office space into modern PBSA is exactly the kind of complex, value-unlocking repositioning project Firma was set up to support. We are delighted to partner with DPK Group on such a placemaking scheme that will make a meaningful contribution to London’s quality student housing supply.”
David Maxwell, founder of DPK Group, added: “Royal Albert Dock is a unique asset with exceptional connectivity and strong potential as a student-led campus environment. Firma Partners understood the complexity and opportunity of this unique project and provided a tailored financing strategy that supports realistic delivery.”
Deloitte advised DPK Group on the transaction.
