Starz Real Estate has provided a €35.2m (£29.7m) senior facility to asset manager Ethos Property, against two of its recently developed boutique student accommodation assets, The Neighbourhood Exeter and The Neighbourhood Cardiff. Providing best-in-class offerings in their respective cities and operated by Collegiate AC, the two developments provide a total of 369 luxury bed spaces ranging in rents from €165 (£139) to €356 (£300) per week along with a plethora of on-site facilities including a gym, study rooms, cinema, laundry room, lounge and private dining rooms. Both schemes are staffed 24/7 and benefit from excellent accessibility thanks to their central locations, proximity to public transport and being moments away from their respective universities.
Limor Shilo, Head of Loan Origination at Starz, said: “We are pleased to have supported Ethos Property in their refinancing of The Neighbourhood portfolio. Both the Exeter and Cardiff student housing markets display a demonstrated demand and supply imbalance, with large parts of the student population having no access to purpose-built accommodation. The Neighbourhood portfolio is therefore well placed to take advantage of this imbalance, and, along with Collegiate AC’s expertise, will enjoy very strong performance into the future. Ethos undoubtedly owns best-in-class assets in their local markets.”
Christos Demetriou, Managing Director of Ethos Property, said: “Our approach to The Neighbourhood is to design and develop exceptional student living experience commensurate with the diverse and multi-dimensional needs of sophisticated students from all around the world. These assets have been designed with the student community and individual wellbeing at the heart of the accommodation experience and we are delighted with the feedback from our residents at this very early stage. Completing the development phase represents a major milestone in the lifecycle of our client’s investment and we are delighted to be working alongside the team at Starz as we move to stabilising the assets in their early stages of operational use.”
