Student housing brand Pure Student Living has secured £125m financing for three London developments.
Pure Student Living is a joint venture between The Carlyle Group and Generation Estates.
The financing will enable the company to start work on the £37m Pure Hammersmith development, on the site of the former Hammersmith Palais nightclub, and the Pure City development in Goswell road, Islington.
The company has also negotiated a development facility with Investec to finance their £15m Pure Bankside project in Ewer Street, Southwark.
All three developments are slated for completion by 2014 and will take Pure Student Living’s capacity up to 1,800 beds in London.
Robert Hodges, the Carlyle Group’s managing director, said: “The bank financing we have secured means that we are able to start building out the rest of our current development pipeline. In today’s constrained lending markets, our ability to attract £125 million of funding for three major projects demonstrates the strong potential of this asset class and of our projects in particular.”
sophia.furber@estatesgazette.com
