TPG-backed Maslow Capital has provided a £35m development loan to Future Generation to build two student accommodation schemes in Sheffield and Colchester.
The new schemes will offer 569 beds between them and will open in time for the 2019 academic year.
Future Generation is a 50:50 joint venture between mixed-use developer Southern Grove and Bahraini investor Tadhamon Capital.
Since its launch earlier this year, Future Generation has secured a pipeline of more than 1,000 beds in planning or development stages, a further 3,000 beds from sites under contract and has set a target of 10,000 beds within the next five years.
Steel City in Sheffield has planning permission for 346 beds. Hythe Mills in Colchester has planning permission for a riverside development including 223 beds.
Ed Fisher, managing director of Future Generation, said: “Since launching earlier this year, we have hit the ground running and our in-house development team has sourced some great sites throughout the UK. We are fortunate to have secured a great partner in Maslow, who understands the fundamentals of the purpose-built student accommodation market and will enable us to deliver product quickly. With our first two schemes now coming out of the ground, we can continue to focus on finding and delivering new sites to increase our footprint.”
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