Eldridge Real Estate Credit has extended a €117.6m (£100m) loan to Vita Group for the development of a 591-bed purpose-built student accommodation (PBSA) on India Street, Glasgow. This marks the ninth financing transaction between the two firms, bringing Eldridge's total support for Vita's projects to nearly €1.17bn (£1bn), facilitating the delivery of approximately 7,000 student housing units across the UK.
The 18-storey development, designed by Sheppard Robson, will feature studio apartments ranging from 18m² to 29m². Amenities include fully equipped kitchens, a fitness centre, cinema and game rooms, dedicated study spaces, and high-speed internet. Residents will also benefit from Vita's tailored services, offering social events, concierge services, career tools, and fortnightly room cleaning.
“The UK has gained nearly half a million full-time students since 2012, and today there is only enough student housing for approximately 50% of them. This development, and our continued partnership with Vita, takes a meaningful step toward addressing the pressing need for high-quality student accommodation and furthers our commitment to this rapidly growing marketplace,” said John Cole, Global Head of Real Estate Credit at Eldridge Capital Management.
“With a location perfectly situated between leading universities, this project marks a continuation of our investment in Glasgow and aims to alleviate some of the pressures felt across the city as a result of Glasgow’s growing population. We remain focused on creating vibrant living and learning communities for students that enable them to thrive during this exciting period in their life,” added Pete Shipley, Finance Director at Vita Group.
Construction is expected to be completed in July 2027, with McAleer & Rushe appointed as the design and build contractor. The project will revitalise a 1.28-acre brownfield site, formerly home to the Strathclyde Regional Council office, contributing to the urban regeneration of Glasgow's city centre.
People mentioned:
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John Cole, Global Head of Real Estate Credit, Eldridge Capital Management
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Pete Shipley, Finance Director, Vita Group
Companies mentioned:
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Eldridge Real Estate Credit – Provided the €117.6m loan
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Vita Group – Developer and operator of the student accommodation
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McAleer & Rushe – Design and build contractor
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Sheppard Robson – Architectural firm designing the development
Image render: Sheppard Robson (copyright)
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