Student accommodation developer Vita Group has received an £80m development loan from Cain International to finance a scheme in Coventry.
The loan will back the 169,000 sq ft, 780-unit development close to the University of Warwick, which received planning permission last November and construction of which started this October.
The site is expected to be ready for the 2022-2023 academic year. McAleer & Rushe has been appointed as main contractor.
Graham Keable, principal at Cain International, said: “Despite the turbulence caused by the pandemic, the purpose-built student accommodation sector has demonstrated its resilience, and we are confident that its strong fundamentals will see outperformance and investment volumes continuing to increase in the months ahead.
“Demand remains particularly robust from international students and we expect this to continue as the cap on growth in student numbers is removed, with the highest quality student accommodation schemes set to benefit most.”
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