Investec has agreed to provide a £64m loan for North American student accommodation developer, investor and operator CA Ventures to dip its toe in the UK market.
The loan will fund the development of purpose-built student accommodation with a total of 888 beds across Glasgow, Edinburgh and Sheffield. It marks Investec’s largest PBSA loan to date.
In Glasgow, a 422-bed scheme will be developed adjacent to the University of Strathclyde; in Edinburgh, a 216-bed development close to Edinburgh Napier University and the University of Edinburgh will be built; and a 250-bed scheme will be built 400m from the Sheffield University campus.
All three schemes are expected to complete in time for the 2020/2021 academic year.
CA Ventures states it is the third largest developer and tenth largest owner of student housing accommodation in the US, and has delivered almost 50,000 beds across 40 university markets.
Watkin Jones will be responsible for the development phase of the Glasgow scheme and Robertsons for the Sheffield scheme.
Carlo Matta, head of Europe at CA Ventures, added: “This is the start of what we hope will be a long and fruitful relationship [with Investec], 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.”
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