Investec Structured Property Finance has agreed to provide Scape, the global purpose-built student accommodation provider, with a €19.4m (£17.5m) senior loan to fund the acquisition and development of its Thanet Street scheme in Bloomsbury, London WC1. The project will see the full refurbishment of the existing property to deliver 60 self-contained studio units.
The development is centrally located in Bloomsbury and will be within walking distance of several leading universities, including the University of London, Birbeck University and SOAS. Students will also benefit from the proximity to London King’s Cross and St Pancras International railway stations and tube stations, which together form one of the country’s largest transport hubs.
The scheme will be finished to a high quality ‘Scape’ specification throughout, with emphasis on communal space for students to share and socialise with their immediate neighbours. Amenities will include a large break-out reception area, laundry rooms and outdoor area. Scape is one of the largest developers and operators of PBSA globally with over 30,000 beds in operation and development across the UK, Australia and the USA.
Shane Ryan, at Investec Structured Property Finance, commented: “This is a high-quality development in a prime London location, which is well placed to further meet the demands of London’s student population. Despite short-term uncertainty affecting the sector, the city’s enduring international appeal and challenging planning restrictions continue to underpin favourable supply-demand dynamics. We remain steadfast in our conviction that the PBSA sector will continue to be a sought after asset class by both UK and global investors, attracted by its long income characteristics and attractive pricing. Having forged an extremely close relationship with Scape, we look forward to working with them on future schemes.”
Adam Brockley, Founder and Global CDO at Scape, added: “We are delighted to have completed another deal with Investec and continue to be impressed with the speed with which they can transact in complicated situations.”