Aareal Bank AG has provided a three-year financing of approximately c.€60m (GBP 54m) for "Scape London Canalside", a dedicated 400+-bed student accommodation facility in London. The asset is located in Bradwell Street near Queen Mary University, one of London's largest universities. It was built - and is operated - by Scape, a worldwide developer and operator of student accommodation, and opened in September 2019. Scape London Canalside offers modern public areas including a fitness centre, cinema and study rooms as well as lounges.
"Scape is delighted to be expanding its existing relationship with Aareal Bank and we are very excited to work with Aareal in continuing to bring a first-class student experience to our residents at Scape Canalside. Our thanks to the team at Aareal", said Ronan Kierans, Director at Scape.
Aareal Bank sees student accommodation as an asset class with a promising future. "Aareal Bank is increasingly focusing on financing student accommodation. Having financed various attractive properties around the world already, we are planning to further grow our exposure to this segment", said Christof Winkelmann, member of Aareal Bank's Management Board.
"We are delighted about the trust Scape has placed in us with this transaction, which underscores our know-how in the segment of sophisticated student accommodation. Leveraging our Wiesbaden-based team of experts and our international branch network, we are very well positioned to provide expertise to a growing network of clients and partners", added Bettina Graef-Parker, Managing Director, Special Property Finance at Aareal Bank.