Vita Group has secured a £146.1m senior development loan from Eldridge Real Estate Credit for the Vita Student First Street scheme in Manchester.
Construction of the 170,000 sq ft purpose-built student accommodation (PBSA) development, which will provide 861 beds, is already underway following Building Safety Act approval. Completion is targeted for June 2028 ahead of the 2028/29 academic year.
Since 2020, Eldridge and Vita Group have partnered on 10 PBSA and co-living developments across the UK and Spain, with the total financing commitment topping £1.1bn.
Graham Keable, managing director of Eldridge Capital Management, said: “Over the past five years, our partnership with Vita has been a testament to our shared vision and commitment to long-term success. This tenth transaction together not only underscores Vita’s proven expertise in the space, but also reinforces our confidence in the continued growth and resilience of the UK and European living sector.”
Max Bielby, chief operating officer at Vita Group, added: “The developments we’ve delivered together have consistently outperformed benchmarks, validating the strength of our model across student and co-living assets. Our relationship is a powerful example of how long-term financing partnerships, combined with our integrated approach to design, development and operation, address a clear market need and deliver sustainable value.”
John Hughes, managing director of Ask Real Estate, the landowner and developer of the First Street Estate, said: “We are delighted to complete this plot sale to Vita which will continue the delivery of the First Street masterplan at this strategic gateway into the city. Now one of Manchester’s most vibrant neighbourhoods, this latest Vita development will further add to the exciting mix of businesses and residents already located at First Street, all of which are supported by a rich blend of amenities and facilities.”
