Cain International (Cain) announced a c. €107m construction loan to Vita Group for its inaugural House of Social.
Located in Manchester’s growing academic district on First Street, the new 14-storey Purpose-Built Student Accommodation (PBSA) concept will provide 576 beds. The four-to-six-bedroom clusters or ‘Houses’ will be complemented by shared open-plan kitchens and lounge areas, as well as access to a dedicated gym. House of Social will also feature a c. 1,300m2 destination food hall on the ground floor, with five independent kitchens.
Graham Keable, Managing Director at Cain International, said: “We believe Cain’s distinctive advantage lies in its partnership model, and we are delighted to extend our relationship with Vita as they introduce a new dimension of student living to the market. Cain’s long-standing experience in this sector, through its credit and equity practices, bolsters our confidence in the stability of U.K. university cities and we eagerly anticipate the positive impact this project will have on the community and the future of student accommodation.”
Mick Slater, Chief Financial Officer for Vita Group said: “Closing this agreement with Cain enables us to bring the House of Social vision to life for the first time in Manchester. Centred around a destination foodhall, House of Social will service Manchester’s undersupply of student accommodation with 576 student beds designed for Manchester’s more independently minded students who traditionally find themselves in HMOs and private rentals on the outskirts of the city.”
Image provided by SECNewgate.
Europe Real Estate — an overview of real estate developments in European countries.
