Tribe secures €41.7m for London student accommodation (GB)

Tribe secures €41.7m for London student accommodation (GB)

Investec Real Estate has provided Tribe, the London and Southeast-focused student housing developer, with a €41.7m (£35m) facility, to fund the construction of a purpose-built student accommodation (PBSA) development in South Bermondsey, London. It represents Tribe’s first ground-up student development project, in a sector which saw investment volumes return close to pre-pandemic levels in 2021 and is forecast to be worth €85.7bn (£72bn) by the end of 2022.

 

The scheme will comprise 250 high specification units comprising 137 private ensuite units, 25 studio units and 88 affordable ensuite units. The scheme will feature generous onsite amenities and collaborative workspace, as well as 58 affordable residential units and circa 12,500ft² of commercial space. The site is well located, 15 minutes’ walk from South Bermondsey station which connects to London Bridge in under 10 minutes.

 

The development facility with investment tail is Investec’s first with Tribe, although Investec has worked with one of the borrower’s founders for a number of years who is a key client across the bank. Since the start of 2015, Investec has committed over £850 million to the PBSA sector, financing more than 18,500 beds across circa 50 schemes in 23 university cities.

 

Ian Burdett & Stuart Scott, Investec Real Estate, commented: “Student accommodation has been a strong sector for Investec in recent years and we remain bullish on its outlook, especially in London where this latest scheme is well located to benefit from the market’s structural undersupply and continued demand from domestic and international students. It’s particularly pleasing to be working with Tribe on their first PBSA scheme, we look forward to leveraging our deep sector expertise to support them with their debut student development project and hopefully working with them again in the future.”

 

Laurence Quail, Managing Director at Tribe, added: “We are delighted to be working with Investec on the delivery of this exciting new scheme, which we’ve carefully designed to best meet the needs of today’s students for well-located, high quality, good value for money accommodation. Tribe is actively growing with in excess of 1,000 further beds already in the pipeline across London.”

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