Cain International has agreed a €46.4m (£40.3m) loan with Vita Group to finance the development of a 401-bed student accommodation scheme located in Cardiff, Wales. Located in close proximity to both the University of Cardiff and the city centre of Cardiff, the site was purchased by Vita in 2017 and has since achieved full planning permission for a high specification 401-studio student accommodation scheme including a gym, games and common rooms and retail space. Studios will range in size between 172ft² and 333ft².
The University of Cardiff has circa. 39,000 students, of which 8,400 are international, making it the ninth-largest university in the UK by a number of students. It is also one of the 24 leading UK universities that form the Russell Group and was ranked within the top 160 universities in the world in 2021.
Graham Keable, Principal at Cain International, said: “Working with partners with whom we have built a track record of trust, collaboration and success is key to how we do business at Cain and we are excited to continue our relationship with Vita as we grow our loan book. The PBSA sector has been increasingly attracting attention from institutional investors and we are confident that it will continue to demonstrate resilience in the months and years ahead.”