Student accommodation provider Student Cribs has secured £200m of capital through a funding round.
The funding has been provided by a UK institution, and comprises £75m of equity and £125m of debt.
Over the next four years, Student Cribs will use the money to extend its portfolio by 500 properties, providing up to 3,500 bedrooms.
Acquisition targets include individual houses in multiple occupation in university cities, portfolios of HMOs and period conversion opportunities.
Manchester, Durham, Exeter and Cardiff are among some of the proposed target locations, as well as other major university towns and cities.
This fund raise is the largest capital raising secured by the company, which was founded in 2002 by entrepreneur Charlie Vaughan-Lee while he was an undergraduate.
The company now owns more than 180 properties in 12 towns and cities across the UK.
Vaughan-Lee said: “This is the UK’s largest fund raise specifically targeting second- and third-year students. We are excited to be able to progress our plans for further expansion and so introduce the Cribs brand to many more students across the UK.
“We anticipate an inflow of stock from the property sector, allowing us to seize the opportunity to take Student Cribs into up to 20 university cities from an existing 12.”
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