Nuveen Real Estate has provided a senior term facility of £151m to urbanest for a 853 bed purpose-built student accommodation scheme in Battersea.
The investment facility is secured against urbanest Battersea, part of urbanest’s wider 4,645 bed portfolio in London’s Zone 1.
It achieved practical completion ahead of occupation for the new academic year in September 2024.
The asset’s occupancy has been stabilised in the high 90% range in the first academic year since opening, reflecting a blend of nominations agreements and direct let beds.
The student accommodation is split between three blocks, and onsite student amenities include a gym and bike storage facilities, while also benefitting from access to shared social and study spaces, a cinema room, a café and an enclosed roof terrace.
Caroline Pellmann, senior director at Nuveen Real Estate, said: “The ongoing trend of student population growth combined with the structural undersupply of quality PBSA beds, particularly in Central London, continues to attract investor capital into this sector.
“Despite only opening in September last year, urbanest Battersea’s occupancy level demonstrates the demand for high-quality, well-located student accommodation in Central London. This facility provides an excellent opportunity to add further exposure to a much sought after asset class and we are proud to work alongside such a highly experienced sponsor specialising in the PSBA space.”
Vicky Skinner, chief financial officer at urbanest, said: “The business has pushed sustainability boundaries far beyond anything seen in the UK PBSA sector to date, and we are immensely proud to have created a world-class sustainable student community in London where our student residents, University partners and our team can thrive.”
Image: AHMM James Santer
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