Investec Structured Property Finance has pumped a £53.5m senior debt facility into a student accommodation scheme in Guildford.
The investment has provided a joint venture between Scape UK and HG Construction to build Scape Surrey 2, a development compromising 403 purpose-built student accommodation beds and 113 co-living units on the east border of the University of Surrey campus.
The PBSA units are earmarked for completion for the 2020/21 academic year. The co-living section will be finished in 2021.
This is the second Scape Surrey development in Guildford. Scape Surrey 1, which is located directly adjacent to the new scheme, has achieved 100% occupancy across its 141 beds since opening for the start of the 2016/17 academic year.
According to Investec, the PBSA market in Guildford is considered undersupplied, with only enough beds for 40% of the student population.
Investec Structured Property Finance’s Shane Ryan said: “We are pleased to be working alongside Scape UK again to deliver Scape Surrey 2.
“We are aware of the limited supply of Grade-A student accommodation in Guildford, particularly studios, and are encouraged by the excellent performance of Scape Surrey 1.”
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