HSH Nordbank has provided a £300 million, 8 year, facility to finance the acquisition and development of student accommodation in the UK. HSH Nordbank is Sole Arranger, Sole Underwriter and Sole Hedge Provider for the facility. The Borrower is UNITE Capital Cities Limited Partnership. This is a joint venture owned 70% by an affiliate of GIC Real Estate Pte Ltd, and 30% by the UNITE Group plc.
The joint venture focuses on acquiring and developing student accommodation in the capital cities of the UK with a particular emphasis on London. The student accommodation being financed are new, purpose-built properties providing the highest quality of amenities and services. UNITE will develop and manage all the properties, eleven of which have already been financed through the facility, with several more to be financed shortly.
Bernhard Visker, Global Head of Real Estate for HSH Nordbank, remarked: "We are delighted to support this joint venture which combines the financial strength and real estate expertise of GIC RE with UNITE, the UK's largest provider of student hospitality."
King Sturge provides valuation and project management services in relation to the facility and Taylor Wessing are the legal advisers to HSH Nordbank.
Source: HSH Nordbank