Beaufort Capital has completed a £83m facility to fund the development of a new 24-storey purpose-built student accommodation scheme in the heart of London.
The scheme, which is being delivered by a private equity real estate investment management firm in a joint venture with an experienced living sector developer, will provide 244 beds on a site located just two minutes’ walk from Elephant & Castle tube station.
The on-site amenity provision will include a café, kiosk, lounge, study rooms, state-of-the-art gym, yoga studio, library, games room, laundry rooms, parcel store and bike storage.
Mark Quigley, managing director at Beaufort Capital, said: “We are pleased to have completed the financing of this high quality PBSA development in a prime London location, serving one of the world’s leading higher education markets. This transaction demonstrates Beaufort Capital’s ability to provide flexible financing solutions for experienced sponsors, delivering certainty of capital and efficient execution on high profile larger loan opportunities. Having known the developer and their track record for many years, together with the collaborative approach adopted in working alongside the client’s debt adviser, Voltaire, we were able to complete this transaction in an effective and efficient manner.”
James Thomlinson, co-founder of Voltaire Financial, added: “This is a very high quality new development in a prime London PBSA market. The scheme benefits from a now rare all private planning consent and will be delivered by a highly capable main contractor that, in conjunction with the development manager, delivered Gateway 2 consent in just 22 weeks. We were delighted to once again support our valued clients in securing funding from Beaufort Capital who were a pleasure to work with and instrumental in finding pragmatic solutions with their focussed approach. Our clients have an exciting pipeline of future PBSA schemes and we look forward to supporting them again in the future.”
