Wendy Burton-Webster

Developer secures £11m from Cambridge & Counties for PBSA acquisition

Innovation Control Ltd (ICL) has secured £11m of funding from Cambridge & Counties Bank to fully acquire a 242-room student housing asset in Salford.

The Riverside House scheme was initially owned by ICL and a mix of UK and international investors.

ICL has now been able to buy-out all external investors through the financing and bring the asset into its full ownership.

Anthony Jackson of Innovation Control Ltd said: “We’re delighted to be able to work with both Watts Commercial Ltd and Cambridge & Counties Bank. 

“The service from Cambridge & Counties Bank, through Watts Commercial, has been excellent throughout and allowed us to focus efforts on the success of both existing and new projects.”

Donna Downey at Watts Commercial Ltd was the intermediary for the deal, while Portergate Management Ltd will continue to manage the property.

Wendy Burton-Webster, senior relationship manager at Cambridge & Counties Bank (pictured above), added: “We are delighted to be supporting a highly professional real estate investor.

“I would also like to thank Donna Downey at Watts Commercial for introducing us to this new client.”

Phil Deakin at Eddisons completed the valuation on behalf of Cambridge & Counties Bank.

He said: “We were delighted to assist our valued lender client Cambridge & Counties Bank on such a high-quality asset. 

“The student sector continues to perform well nationally in top-tier university cities and this purpose-built asset is a high-quality investment with excellent fundamentals.”

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