Student accommodation provider Future Generation has secured a £62m development loan from Maslow Capital to build a 533-bed student scheme in Guildford.
It is the developer’s largest facility to date to be used to develop its largest scheme. The consented six-storey Guilden Park has an end value of £102m, and is expected to complete in time for the 2021 academic year.
Future Generation is a joint venture between developer Southern Grove and Tadhamon Capital. Guilden Park is its third scheme, and the provider has a pipeline of 5,000 homes and a goal to deliver 10,000 homes by 2022.
Andrew Southern, chairman of Southern Grove and Future Generation, said: “We chose Guildford because purpose-built student accommodation isn’t something this area has really seen yet on any meaningful scale. The demand is there and we are going to be heavily disrupting that market.”
Ellis Sher, co-founder of Maslow Capital, added: “Student accommodation in the UK has exploded over the past decade as institutional investors have realised how rewarding it can be to offer students a better standard of living.”
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