HGP has committed £4.9m of equity, alongside developer Urban Centric, to fund the delivery of a purpose-built student accommodation (PBSA) scheme in Cardiff city centre.
The Trafalgar House transaction, which is HGP’s second with Urban Centric, will see a former office building refurbished and extended to deliver an eight-storey, 310-bed PBSA scheme.
The on-site amenity provision will include yoga rooms, lounges, cinemas, two roof terraces and 132 cycle spaces.
The deal brings the total amount of equity that the Lloyds-backed equity investor in the UK living sector has invested since 2015 to more than £500m.
Gowtham Jeeven, investment manager at HGP, said: “This is our debut PBSA deal in Wales, and is fully aligned with our strategy of supporting best-in-class development partners to deliver sustainable, residential schemes in supply constrained markets.”
Mike Murphy, investment director at HGP, added: “This transaction takes the total amount of equity HGP has committed since 2015 to over £500m, which is a phenomenal achievement by the team. It demonstrates the uniqueness of our proposition, with partners attracted by our track record, funding certainty and deep expertise, including access to a 20-strong senior adviser panel, as well as our commitment to delivering meaningful social impact across the UK.”
Tom Larkin, from Urban Centric, said: “Urban Centric, in partnership with HGP, is proud to deliver high-quality purpose-built student accommodation in Cardiff. This development reflects our shared commitment to creating modern, well-connected living spaces that enhance the student experience while contributing to the city’s vibrant community.”
