LaSalle Investment Management has provided a £100m loan facility through its LaSalle Real Estate Debt Strategies IV Fund to refinance the acquisition of Pavilion Court, a fully leased 699-bed purpose-built student accommodation asset in Wembley, north London, owned by Apollo-managed funds.
The asset is located in the Wembley Park Masterplan residential development, in close proximity to the University of Westminster, UCL and Middlesex University.
Completed in 2021, the 699-bed building sits across four blocks centred around a courtyard. It includes 89 studios and 610 en-suite rooms, alongside a gym, games room, study spaces, dining room and multimedia room.
David White, head of LaSalle Real Estate Debt Strategies, said: “This large-scale refinancing demonstrates the strength of our Debt Investments platform and maintains our strong pace of deployment, positioning our business as one of the most active real estate debt providers in Europe. We are delighted to be able to offer Apollo Global Management a bespoke and creative capital solution to support this acquisition.
“The building is in a prime position to attract domestic and international students looking for high-quality, amenity-rich and centrally located accommodation that provide quick access to universities. We look forward to expanding our footprint in this segment of the market.”
Image © LaSalle IM
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