Investec Real Estate (“Investec”), a leading provider of residential and commercial finance to corporate, institutional and private clients, announces that it has agreed to provide a newly formed Joint Venture between leading purpose built student accommodation (“PBSA”) investors CA Ventures and Harrison Street, with four-year facilities that will fund the development of PBSA schemes in prime London, Edinburgh, Leicester and Belfast locations.
On completion of the transaction, approximately a third of the funding was sold down to Leumi UK, the London-based subsidiary of one of Israel’s largest banks, demonstrating Investec’s ability to syndicate deals both domestically and internationally for the benefit of its global client base.
The facilities will fund the development of 935 student beds across four properties, incorporating the latest in sustainable building design and featuring state-of-the-art amenities including fitness centres, cinema rooms, outdoor courtyards, games rooms and study lounges. The Edinburgh, Leicester and Belfast schemes are expected to complete for the start of the 2022/23 academic year, with the London property completing 12 months later.
This transaction cements Investec’s position as one of the leading providers of development finance in the UK PBSA space. Since 2015, Investec has committed over £820 million of finance, funding a mix of domestic and international borrowers and the development of 19,500 beds across 53 schemes, in 24 university cities. It also represents the third time Investec has partnered with Harrison Street and the second time with CA Ventures, the first of which represented the European debut by what is the third largest student housing developer in the US.
Source : Company