Investec Bank has provided Moorfield Group with a £26m senior debt facility to fund the development and stabilisation of a 204-bed purpose-built student accommodation (PBSA) scheme in Bristol.
Situated on Freestone Road, within the Temple Meads Quarter regeneration area, the development will be delivered by Tiger Developments with Watkin Jones appointed as main contractor. Tiger’s sister company, Host Student, has been appointed to operate the scheme once completed.
Mike Russell, from Investec Real Estate, said: “This transaction highlights our continued appetite to fund best-in-class living sector developments alongside proven sponsors, in markets with compelling demand-supply dynamics. It also extends our partnership with Moorfield, following our £15.6m financing of a 293-bed PBSA scheme in Lincoln, which completed at the end of 2023, and our £18.97m committed loan facility to fund the acquisition and development of a 282-bed PBSA scheme in Colchester, Essex.”
Chris Perera, head of origination at Moorfield Group, added: “This latest financing with Investec will help us deliver another high quality PBSA asset, providing much-needed accommodation for Bristol’s growing student population. Investec’s deep understanding of the sector and flexible approach makes them a trusted long-term partner and we are pleased to continue building on our relationship through this flagship development.”
