Student housing developer Urbanest has refinanced its portfolio with M&G Investment and Aviva Investors for £350m.
The lenders have agreed to provide a joint senior facility for Urbanest’s 2,520-bed portfolio, representing a loan-to-value ratio of 55%.
The loan will mature in mid-2027.
Lynn Gilbert, head of senior commercial mortgages at M&G, said: “This was a rare opportunity to gain exposure to institutional-quality zone 1 London assets backed by a class-leading operator with a similar long-term investment outlook to our own.
“In a market where demand for university places and student housing continues to outstrip supply, this deal underlines investors’ confidence in the long-term prospects for student housing in central London.”
Urbanest’s portfolio has five assets across zone 1 in Hoxton, King’s Cross and St Pancras, N1, as well as Tower Bridge, EC3, and Westminster Bridge, SE1.
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