Student accommodation developer Urbanest has agreed a £100m refinancing package with Aviva Investors and M&G Investments for its scheme in Vauxhall, SW8.
Each lender has provided £50m, in an extension of their existing £350m investment facility with Urbanest. The new lending is primarily against Urbanest’s newest operational building on Miles Street, which opened in September.
The 454-bed, 32-storey red-brick tower, built by Balfour Beatty for Urbanest in the style of New York’s iconic Flatiron Building, looks out over the new US Embassy and Battersea Power Station. It was designed by Glenn Howells Architects.
Fully let for its first year of operations, more than 400 of the beds at Urbanest Vauxhall are offered on an exclusive long-term basis to students of a London-based university under a nominations agreement.
The facility is a 50/50 bilateral agreement with funds managed by Aviva Investors and M&G Investments, maturing in mid-2027.
Urbanest was founded in 2009 by London-based M3 Capital Partners.
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