FINANCE: Valad Europe has completed a £42m refinancing of the University Capital Trust with Lloyds Commercial Banking.
The terms of the fund’s loan facilities will be extended until December 2016.
Launched in 2005, the University Capital Trust comprises five purpose-built student accommodation buildings in London, Newcastle, Nottingham, Sheffield and Lincoln, each providing between 200 and 400 beds.
Valad Europe chief financial officer Fraser Kennedy said: “There continues to be strong demand for good quality, well-located student accommodation in the major UK university towns and cities. Having run a competitive process, with interest from a number of lenders, we decided to refinance UCT with the fund’s current lender, Lloyds Bank.”
Madeleine McDougall, Lloyds Bank commercial real estate head of institutional clients, said: “Given UCT’s consistently robust return performance, we are delighted to continue our support for the fund and this asset class, by extending and increasing this facility.”
