ICBC has provided a £30m investment facility to private equity investor Henley to support its £50m acquisition of a student portfolio, representing a loan-to-value ratio of 55%.
The portfolio consists of six purpose-built properties in Sheffield, Stoke and Preston, totalling 1,519 student rooms. The assets were purchased from Liberty Living. Through its Henley Ark platform, Henley also owns properties in Dundee and Salford valued at £25m.
CBRE Capital Advisors advised Henley on the deal.
Lisa Attenborough, director at CBRE Capital Advisors, said: “Student housing is the alternative sector that commands the most appetite from lenders and despite approaching the market in the aftermath of the referendum, willingness to lend was strong. An imbalance between supply and demand still exists in many university cities across the UK and as such, there is greater liquidity in the debt markets for this asset class.”
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