Student housing provider Liberty Living has secured a £300m cash injection from HSBC and Royal Bank of Scotland, enabling it to refinance its £200m of debt and freeing up £100m for acquisitions.
The financing package came as the group – which manages assets on behalf of the Brandeaux Student Accommodation Fund – exchanged contracts to buy a 502-bed property in Gillingham, Kent.
Liberty will pay Berkeley First £35m for the development, which is scheduled for completion next year and will serve University of Kent students. Knight Frank advised Berkeley First; Liberty was unrepresented.
joanna.bourke@estatesgazette.com
