The finance for the North American investor, developer and student housing asset operator represents the specialist lender’s largest PBSA loan to date and will provide beds in the university cities of Glasgow, Edinburgh and Sheffield.
A total of 422 beds will be delivered in Glasgow, 216 in Edinburgh and 250 in Sheffield, with the schemes due for practical completion by the start of the 2020/21 academic year.
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“We believe that our experience [of] funding a range of market-leading developers across 41 schemes positions us to play a valuable role in supporting CA Ventures’ overseas expansion strategy,” said Shivani Goolab, relationship manager at Investec.
“There remain significant pockets of the UK where there is a chronic undersupply of student beds, a trend we expect to continue being supported by favourable economic factors, including a weak pound and low interest rates.”
Carlo Matta, head of Europe at CA Ventures, added: “This is the start of what we hope will be a long and fruitful relationship, as we look to leverage our near 15-year track record of developing and operating high-quality student accommodation portfolios in the USA in establishing our footprint in the UK; a market which is home to a high number of world-leading universities.”